13-Aug-14
JP Morgan has hired Sir Win Bischoff as its main European holding company chairman, emphasized how the British regulators are pushing foreign banks to support their business headquarters in London's management.
Sir Win, who resigned as chairman of Lloyds Banking Group in April, will replace Tom Hope for JP Morgan Securities, corporate and investment banking in Europe, Middle East and Africa region, Bank of America in January next year the main Chairman of the legal entity.
City mayor, 50-year-old veteran of high finance, have this month to participate in the board, non-executive director of Bank of America's European entities, and has become an independent consultant to the chief oversight committee in its London branch.
Mr. Hope spent most of his career and now JP Morgan Chase executives as alliances, business consulting chief operating officer.
In the United States and the United Kingdom regulators have been pushing foreign banks to strengthen the governance of their local branches and subsidiaries to bring more independent non-executive directors in order to improve oversight of its operations.
JP Morgan suffered by British traders called "London Whale", which led to $ 1 billion settlement the United States and Britain last year to establish a regulatory body for a foul on the bank positions fell $ 6 billion trading loss of regulatory authorities in 2012.
Sir Win, who became chairman of Lloyds Bank, in 2009 after more than 40 years, the partial nationalization of banks, led by Schroder’s and Citigroup through one of its most turbulent period in history. He led back to profit and supervision reprivatisation Lloyd began last year.
Jazz win in May was appointed to the Financial Reporting Council, Chairman of the British Accounting Oversight Board. The FRC said his role as chairman of JP Morgan Chase is compatible with the role, because both are part-time; he will avoid himself from direct discussion of any matter relating to Bank of America.
Lloyd is also the former President of McGraw - Hill Financial non-executive directors in the United States.
Other members of the Board of Directors of JP Morgan Securities also include Daniel Pinto, head of its investment bank, and Elena Korablina, its chief financial officer in Europe. It's two non-executive members of the Board of Directors for major Laban Jackson, director of the Bank of America, and Scott Moeller, a finance professor at Cass Business School in London.
Mr. Pinto in an internal memo to employees said: "The non-executive directors JPMS is central to the international governance of our company, to provide an independent perspective, and enter into our whole way of running our business."
He added: "They monitor the company's strategy, execution management, performance, and our code of conduct."
$ 15.4 billion in revenue JP Morgan's European operations generated from 33 countries last year, employs more than 15,000 people.
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