Winters named on UK Banking Commission

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Bill Winters, formerly co-chief executive of JP Morgan's investment bank and a veteran of the credit derivatives market, will be one of five members of the UK Banking Commission, UK chancellor George Osborne announced last night.

The commission will report next year on how to restructure the banking industry to reduce systemic risk, including whether UK banks should be reduced in size in order to increase competition, or broken up into retail and investment banks.

The commission's chairman will