JPMorgan's peers say they don't make such risky bets

Welcome to the morning roundup. Here's a look at what's news in banking and finance this morning.

We're not JPM. JPMorgan Chase's competitors say they don't make the type of credit bets that landed the nation's largest bank by assets in hot water, according to Bloomberg. A look at JPM's chief investment office portfolio shows that it had higher concentrations in riskier assets than its peers. But at the same time, the Wall Street Journal says that Bank of America, Goldman Sachs and other banks have made between $500 million and $1 billion by making trades against JPMorgan's positions.

Safe bank. Wells Fargo is now the "safest bank," replacing JPMorgan, says 24/7 Wall St. Though Wells still has risk in the mortgage arena, it does not have proprietary bets or much overseas exposure, the column says.

FDIC sues banks. The FDIC has sued Bank of America, JPMorgan Chase and a number of other banks over mortgage-backed securities losses taken by two failed Illinois banks, Reuters reports. The government is seeking a combined $92 million.

Overseas expansion. Wells Fargo is doubling its asset management unit by expanding overseas, Bloomberg reports. European companies are shrinking as the debt crisis continues to hammer markets.