‘Thank God for Bank of America!'
Uttered by an executive at JPMorgan Chase this month after the surprise departure of Ken Lewis as Bank of America's chief executive, the quip sums up the mixture of elation and relief that has characterised JPMorgan throughout the financial crisis.
Mr Lewis's abrupt retirement overshadowed a bold management overhaul decreed just a day earlier by Jamie Dimon, JPMorgan chief executive. As investors and media were questioning the decision to decapitate the investment banking unit that had catapulted JPMorgan to Wall Street success and helped give Mr Dimon rock star status, along came Mr Lewis to occupy the unwelcome spotlight.
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