Every share price tells a story and, if you look at JP Morgan Chase, it would seem that the bank has turned the corner. The shares trade at around $30.50, which is almost 100% above the low when unfounded rumours suggested that the its problems were insurmountable. Spreads on JP Morgan bonds have narrowed and some serious institutions have been buying stock.

The change in market sentiment will please JP Morgan Chase shareholders who have had little to smile about in the past three years. It may also throw a lifeline to William Harrison, chairman and chief executive, who has been one of the favourites with the bookmakers to be the next leading bank head to be toppled.