Banking industry without an advocate amid JPMorgan troubles

Welcome to the morning roundup. Here's a look at today's banking and finance headlines.

Wall Street leaderless? Wall Street has found itself without a leader as JPMorgan Chase & Co. CEO Jamie Dimon juggles big losses and other troubles, Bloomberg writes. Top executives at other big banks are reluctant to step forward or have lost credibility, leaving the industry without an advocate against government regulations.

Buffett ends muni bonds bet. Berkshire Hathaway Inc. terminated a large bet on the municipal-bond market, raising questions from investors about the risks of buying municipal debt, the Wall Street Journal reports. Warren Buffett's firm disclosed the move in a recent quarterly filing, ending a bullish bet five years early.

Stocks climb. Stocks opened higher this morning on hopes that central banks will act to stimulate their economies, Reuters reports.

Market slide ahead? The S&P 500 is likely to fall by as much as 25 percent as the presidential election approaches, one analyst told CNBC. Bob Janjuah of Nomura said he expects the stocks to trade "at or below the lows of 2011" in the next few months.