Ex-JPMorgan Chase exec and others 'bidding for failed banks'

13 November 2009

A former JPMorgan Chase chief executive has been named as one of several ex-bankers attempting to make a return to the banking industry by bidding for failed financial institutions.

According to the Wall Street Journal, William Harrison is one of the men being backed by newly-formed Goldman Sachs and Deutsche Bank AG investment pools to join Federal Insurance Deposit Corporation auctions for failed institutions.

Harrison was made chief executive officer at JPMorgan Chase in December 2000 and held the post until he retired at the end of 2006 and was replaced by Jamie Dimon.

Other bankers reportedly planning to make bids include former Wachovia chief executive officer Robert Steele and Herb Boydstun, the ex-chief executive officer of Hibernia.

Lee Meyerson, a New York banking lawyer, told the paper that the bankers were recognizing a golden financial opportunity.

"It is a once-in-a-decade opportunity to build a platform with critical mass in the banking industry," he explained.

"Once the economy recovers and the banking market recovers, that opportunity will be gone."

By Tony Aynsley

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