By Emmanuel Olaoye
NEW YORK, May 18 (Thomson Reuters Accelus) – A labor-backed investor group critical of JPMorgan Chase & Co’s corporate governance said the bank has failed to address concerns over its risk oversight and it will try to rally other shareholders for changes after a $2 billion trading loss.
CtW Investment Group, which advises labor pension funds holding what it said are 6 million shares in JPMorgan, has advocated for risk governance changes there for more than a year. The risk policy committee of the bank’s board lacks the expertise to understand risks the bank is taking, such as the complex “London Whale” transactions that led to last week’s loss disclosure, a CtW official said. (more…)