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Morning Wrap: today's top business stories

News stories from around the web.

Summers withdraws from Fed race (FT)

Lawrence Summers has taken himself out of the running to be the next chair of the Federal Reserve after a bloc of key Democratic senators indicated they would oppose his nomination.

Chrysler goes for IPO as last resort (FT)

Chrysler is planning to file documents for its initial public offering this week after majority owner Fiat and the healthcare trust that owns the rest of the US carmaker failed to agree a market price in a long-running dispute.

Bank account switchers 'could save £600' (BBC)

The UK's 46 million bank customers are being told they could save up to £600 by switching their current accounts to another provider.

From Monday, it should also be faster and easier to move to another bank.

Jaguar Land Rover: £1.3bn Tata gamble pays off as big cat purrs at last (Telegraph)

The shock success of JLR is silencing the doom-mongers, writes Roland Gribben

Leigh-Pemberton to be new head of UKFI (Telegraph)

The Treasury will on Monday name James Leigh-Pemberton as the new chief executive of UK Financial Investments, the body that oversees the taxpayer’s stakes in Royal Bank of Scotland and Lloyds.