China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
JP Morgan heads predicts wave of bank mergers
FRANKFURT (Reuters) - JPMorgan Chase (JPM.N) expects the current market turmoil to unleash a wave of bank mergers in the U.S. and Germany, JP Morgan Chairman and Chief Executive Jamie Dimon told a German newspaper on Friday.
"I believe that we will see a huge amount of big mergers in the U.S. and Germany," Dimon told business daily Boersen-Zeitung.
"Companies recognize after such a collapse that they need more weight, more capital and access to good, long-term financing and the people there say to themselves: 'Now it is time to do something'."
"That normally comes after the crisis," he added. "During the crisis, they are very busy."
He said the industry faced a difficult fourth quarter, adding he was seeing higher losses in the area of consumer credit.
Dimon added it would not bother him if the planned super-SIV (structured investment vehicle) in the U.S. was not set up.
"For JPMorgan, in any event, it is no big deal if the SIV comes or not."
"I would not call it a failure if the SIV did not happen. I would say, it did not happen but it would not worry me, no. I think it is OK to try something like that if you think it helps."
(Reporting by John O'Donnell; editing by Sue Thomas)
