Bill Winters' New York office is so large and sparse that he could easily take a small victory lap without bumping into any furniture. But on a recent visit, the co-head of JPMorgan Chase's investment banking division was not in a celebratory mood.

JPMorgan has weathered the financial turmoil better than most rivals and harnessed its relative health to buy Bear Stearns, a coveted rival, at a bargainbasement price. But despite the headlines proclaiming Jamie Dimon, JPMorgan's boss, the new "King of Wall Street", Mr Winters - a seasoned banker with a keen memory of past crises - believes this is no time for coronations.