Mercurial banking

16 June 2009 By Jeffrey Goldfarb Follow @jgfarb

JPMorgan is accusing rivals of undercharging for capital raisings. Meanwhile, multiyear pay deals are back and bankers are flying on private jets again. Some banks greed for market share appears to outweigh the fear of weak profits, unsold shares or the lack of a real strategy.

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Viswas Raghavan, JPMorgan's head of international capital markets, told reporters on June 15 that some investment banks were mispricing underwriting commitments to win new business.

"We are finding some banks with marketshare losses are offering to do deals for a pittance," he said.

London City Airport which is used heavily by financial industry executives recorded a 44% increase in passengers travelling by private jet in May, the biggest monthly rise in four years, Financial News reported.

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