JPMorgan publishes report over corporate culture after nun pressure

JPMorgan still

JPMorgan 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.

Bloomberg News reports that the bank will spend more than $1.7bn this year on technology related to regulations and controls, according to the report called How We Do Business. 

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'.

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