The Magazine of Corporate Responsibility

Tag Archive for ‘JPMorgan Chase’

Taking Time to Reflect on the Value of Leadership

Understanding the impact one has on others is an obvious requirement for today’s business leaders. So as we plan for the year ahead, writes columnist Gael O’Brien, the process of reflecting on leadership is valuable – and critically important to “leaders earning the right to be followed, employees feeling that what they do matters and customers not being put at risk.”

Fed Shrugged Off Warnings, Let Banks Pay Shareholders Billions

In March 2011, the Federal Reserve made a controversial decision to permit 19 leading U.S. financial institutions to pay out $33 billion to shareholders, including many of their own top executives. Pulitzer Prize winner Jesse Eisinger’s in-depth account of the Fed’s momentous decision sheds light on the inner workings of one of the most powerful but secretive economic institutions in the world.

Banks Funding Destructive Mountaintop Removal Mining

Many major banks invest in companies that engage in the environmentally destructive practice of mountaintop removal (MTR) coal mining, whereby the tops of mountains are removed by explosives to expose thin seams of recoverable coal. Despite some banks’ stated intent to limit such financing, a Sierra Club/Rainforest Action Network “report card” indicates that few are yet walking the talk.

A Test Where the Banks Had the Questions and Answers

Later this month, the U.S. Federal Reserve is going to let banks know how they did on its most recent round of “stress tests,” a follow-up to the tests the Fed conducted in the wake of the financial crisis. But reporter Jesse Eisinger says something seems different this time around. It’s almost as if the banks knew their results, even before the testing was complete.

Wall Street Cash Bonuses Fell in 2010; Average $128,530

Cash bonuses paid to New York City securities industry employees declined by nearly 8 percent to $20.8 billion in 2010, as Wall Street firms shifted toward more deferred compensation and higher base salaries, according to an estimate released by the New York State Comptroller. For the average Wall Street worker, however, that still translated into a 2010 cash bonus of $128,530.

The Year in Wall Street Investigations

It’s been over three years since credit markets started shaking with the early tremors of the subprime crisis, and two years since that spread into a marketwide collapse. Prosecutors, regulators, Congress and journalists have spent the year uncovering the financial shenanigans that brought the market to its knees. It’s been marked by a few blockbuster settlements and more revealing investigations — as well as by some noticeable inaction in the reckoning.

Say-on-Pay Shareholder Votes Gain Momentum

The number of so-called “say-on-pay” votes has increased from only 6 in 2008, when Aflac Inc. became the first to adopt the practice, and 19 in 2009.