JPMorgan Chase & Co. published a 96-page report saying the bank has sought to strengthen its corporate culture after a shareholder group led by the Sisters of Charity of Saint Elizabeth asked for more transparency around controls.
The bank will spend more than $1.7 billion this year on technology related to regulations and controls, according to the report called “How We Do Business.”
New York City-based JPMorgan said it added 16,000 employees for “regulatory, compliance and control efforts” in the past three years.
“We are satisfied that the company completed this exercise over the last nine months to completely review its business policy and practices,” Barbara Aires, coordinator of social responsibility for the Sisters of Charity of Saint Elizabeth, said in an e-mailed statement. “There are acknowledgments of failings, greater transparency and clear signals to all in the company that everyone has to do better.”
The Sisters of Charity of Saint Elizabeth, in New Jersey, has used its position as shareholder to push for changes at companies. It asked Bank of America Corp. last month to separate the jobs of chairman and chief executive officer, the Wall Street Journal reported.