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JPMorgan Risk Committee Directors Big On Life Experience, Wall Street Experience Less So

The three directors who oversee risk at JPMorgan Chase include a museum head who sat on American International Group Inc.’s governance committee in 2008, the grandson of a billionaire and the chief executive officer of a company that makes flight controls and work boots. What the risk committee of the biggest U.S. lender lacks, and what the five next largest competitors have, are directors who worked at a bank or as financial risk managers. The only member with any Wall Street experience, James Crown, hasn’t been employed in the industry for more than 25 years…The committee, which met seven times last year and hasn’t changed its composition since 2008, approves the bank’s risk- appetite policy and oversees the chief risk officer, according to the company’s April 4 proxy statement. [Bloomberg]

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70 Responses to “JPMorgan Risk Committee Directors Big On Life Experience, Wall Street Experience Less So”

  1. Guest_of_Honor says:

    I don't see a problem here.

    — Jon C.

  2. InfiniteGuest says:

    Real people with real lives are how a real bank keeps it real.

  3. Guest says:

    Yes, No, Yes, Yes

  4. DrunkenIrishman says:

    Fuck you, whale! And fuck you, dolphin!

    — Japanese JPM Shareholder

  5. VonSloneker says:

    What the risk committee of the biggest U.S. lender has, and what the five next largest competitors lack, are nepotic director apointments who guarantee their families will continue to do business with JPMorgan.

    – Cpt. Obvious

  6. Alt_EST says:

    Could Geezer Oil Trader maybe regale us with what risk management was like 25 years ago? Please?

  7. Guest says:

    Is riding a blow-up whale the NKI and I missed the email/memo/comment? I thought Jamie was still the boxer.

  8. PermaGuestII says:

    This should surprise exactly nobody who has ever worked at JPM.

  9. GUEST says:

    Keeping usless committee people on a usless committee ..

    Wow….I'm shocked.

  10. R. Gupta says:

    Being on boards is fun and a great way to meet people.

  11. Decaying ex-trader says:

    So are we seriously thinking that having financial sector heavyweights on the risk management committee would reduce the amount of risk that JPMC took on? In your dreams. I thought the big hitters were the ones who got us into this mess in the first place.

  12. guest says:

    Bob Rubin had finance experience. Thought Citi should take more trading risk. Didn't work out.

    – M&A guy who would have all traders rounded up.

  13. Sandy Weil says:

    I am hearing that Jamie Dimon is talking about trigegring "clawbacks" in Employee Restricted Stock Awards.
    Why should employees subsidize management's fraud ? Shouldnt these losses be born by shareholders who then in turn lien on the Board of Directors to get new management ???

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  15. Terrence Westbrook says:

    I guess sometimes, pure talent can be just as effective as experience. It's just a matter of finding health and safety consultants with enough talent to do the job.

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