Difference between revisions of "JP Morgan"
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| − | JP Morgan is part of [[JPMorgan Chase & Co.]] 'a leading global financial services firm with assets of $1.5 trillion and operations in more than 50 countries... JPMorgan Chase serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan and Chase brands.'<ref>[http://www.jpmorgan.com/pages/jpmorgan/about About us], accessed 27 February 2008</ref> | + | '''JP Morgan''' is part of [[JPMorgan Chase & Co.]] 'a leading global financial services firm with assets of $1.5 trillion and operations in more than 50 countries... JPMorgan Chase serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan and Chase brands.'<ref>[http://www.jpmorgan.com/pages/jpmorgan/about About us], accessed 27 February 2008</ref> |
| − | It is | + | ==UK investment banking division== |
| + | |||
| + | JP Morgan Cazenove became a wholly-owned part of J.P. Morgan in 2010, having originally operated as a joint venture between J.P. Morgan and the UK investment bank Cazenove. | ||
| + | |||
| + | It is the marketing name for the UK investment banking businesses and EMEA cash equities and equity research businesses of JPMorgan Chase & Co. and its subsidiaries. It says it: | ||
| + | |||
| + | :offers corporate, institutional and hedge fund clients a full-service Cash Equities platform across Europe, the Middle East and Africa. It provides Cash Equities solutions spanning Sales and Trading, Special Situations, Electronic Client Solutions and Commission Management.<ref>[http://www.jpmorgan.com/pages/jpmorgan/emea/business/cazenove J.P. Morgan Cazenove], accessed 27 February 2008</ref> | ||
| + | |||
| + | ==People== | ||
| + | *[[Ian Hannam]] - global chairman of equity capital markets who stepped down in April 2012 to concentrate on fighting a £450,000 fine by the [[Financial Services Authority]] for market abuse related to passing on inside information to a client. <ref>Brooke Masters, Javier Blas and Ben Fenton in London, [http://www.ft.com/cms/s/0/f7ba2714-7d70-11e1-bfa5-00144feab49a.html#ixzz1qyYuk7Ur Mining banker fined for market abuse], ft.com, 3 April 2012, accessed same day </ref> It was announced that Hannan would however remain at JP Morgan until he had completed the £50bn merger between [[Glencore]] and [[Xstrata]] expected to close by the end of summer 2012.<ref name="top"> Helia Ebrahimi, [http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9182886/Top-JP-Morgan-banker-Ian-Hannam-resigns-over-450000-fine-for-market-abuse.html Top JP Morgan banker Ian Hannam resigns over £450,000 fine for market abuse], The Telegraph, 03 Apr 2012, accessed same day </ref> | ||
| + | |||
| + | ==Controversies== | ||
| + | ===Manipulating prices=== | ||
| + | In May 2015 JPMorgan, [[Citigroup]], [[Barclays]] and [[RBS]] were found guilty of manipulating the price of US dollar and euros and fined nearly $6 billion between them. US authorities discovered that between December 2007 and January 2013 traders at the banks had referred to themselves at 'The Cartel' in chatrooms 'where they used coded language to set benchmark rates'. During a trial period, one Barclays trader was even told 'mess this up and sleep with one eye open at night' with another Barclay's trader, in November 2010, saying 'if you ain't cheating, you ain't trying'. JPMorgan will pay $550 million in criminal fines as part of their guilty fines.<ref> Hazel Sheffield [http://www.independent.co.uk/news/business/news/if-you-aint-cheatin-you-aint-trying-four-global-banks-plead-guilty-to-felony-charges-of-fixing-the-price-of-dollar-and-euros-10264395.html 'If you ain't cheatin, you ain't trying': four global banks plead guilty to felony charges of fixing the price of dollar and euros] ''Independent'', 20 May 2015, accessed 21 May 2015.</ref> | ||
| + | |||
| + | ==Lobbying and political access== | ||
| + | JP Morgan spent $6.3 million on lobbying the US government in Washington in 2014. Compared to the $4.8 million spent by [[Morgan Stanley]] and $3.4 million spent by [[Goldman Sachs Group]].<ref> Duncan Robinson and Tom Braithwaite [http://www.ft.com/cms/s/0/725f92f6-edbc-11e4-987e-00144feab7de.html#axzz3YgdESCM1 Goldman Sachs’ reported spending on EU lobbying rises 14-fold] ''Financial Times'', 28 April 2015, accessed 29 April 2015.</ref> | ||
| + | |||
| + | In 2014 the bank also hired: [[Brownstein, Hyatt et al]] for $120,000, [[Capitol Counsel]] for $140,000, [[Clark, Geduldig et al]] for $120,000, [[Fierce, Isakowitz & Blalock]] for $240,000, [[Glover Park Group]] for $50,000, [[Jones Walker]] LLP for $80,000, [[K&L Gates]] for $240,000, [[Lawrence J Romans & Assoc]] for $80,000, [[McBee Strategic Consulting]] for $100,000, [[Monument Policy Group]] for $120,000, [[Nappi & Hoppe]] for $120,000 , [[Triangle Assoc]] for $0 and [[Walter Group]] for $50,000. Amounting to 62 lobbyists for the bank including three former congressman and 53 from the revolving door.<ref> Center for Responsive Politics [https://www.opensecrets.org/lobby/clientlbs.php?id=D000000103&year=2014 Lobbyists representing JPMorgan Chase & Co, 2014], accessed 29 April 2015.</ref> | ||
| + | |||
| + | ===Attendee at UK energy minister's May 2018 shale gas roundtable=== | ||
| + | Energy minister [[Claire Perry]] hosted a roundtable with the fracking industry in May 2018 just hours before she gave evidence to a committee of MPs on the Conservative government's proposed changes to relax the rules on shale gas development in the UK. | ||
| + | |||
| + | JP Morgan was listed on a 'reconstructed' attendee list released under the freedom of information act to North Yorkshire resident Jonathan Bales following an internal review of the [[Department for Business, Energy and Industrial Strategy]]'s initial, almost completely redacted, FOI response.<ref> What do they Know?, [https://www.whatdotheyknow.com/request/shale_gas_round_table#incoming-1214895 Shale Gas Round Table: internal review of Freedom of Information request to Department for Business, Energy and Industrial Strategy], 24 July 2018 </ref> | ||
| + | |||
| + | Oil and gas companies at the roundtable included: | ||
| + | *[[Aurora Energy]], [[BP]], [[Cuadrilla]], [[IGas]], [[Ineos]], [[Third Energy]] and lobby group [[UK Onshore Oil and Gas]]. | ||
| + | *Service companies: [[Ground Gas Solutions]], [[Marriott Drilling]], [[Onshore Energy Service Group]], [[Zetland Group]]. | ||
| + | *Investors and fund managers: [[Riverstone]] (a major partner in Cuadrilla), [[Kerogen]] (investor in IGas), [[Global Natural Resource Investments]] (formerly part of Barclays which invested in Third Energy), [[KKR]], [[JP Morgan]]. | ||
| + | |||
| + | Other industries and organisations: [[Chemical Industries Association]] chemical company [[SABIC]], [[Coalfield Regeneration Trust]], [[Engineering Employers’ Federation]], [[GMB]]. <ref> Ruth Hayhurst, [https://drillordrop.com/2018/10/22/what-government-told-the-shale-gas-industry-about-success-regulation-jobs-and-support/ What government told the shale gas industry about success, regulation, jobs and support], Drill or Drop, 22 October 2018, accessed same day. </ref> | ||
| + | |||
| + | ==Donations== | ||
| + | *[[Cherie Blair Foundation for Women]].<ref> Cherie Blair Foundation [http://www.cherieblairfoundation.org/donors-and-partners/ Donors and partners], accessed 30 March 2015 </ref> | ||
| + | *[[Britain Stronger in Europe]]<ref>[http://www.ft.com/cms/s/0/776f2c82-c031-11e5-9fdb-87b8d15baec2.html#axzz45idqy0Sw Laura Noonan and George Parker, 'Banks lead as business buys into UK’s pro-EU campaign', 22 January 2016], ''Financial Times'', accessed 13 April 2016</ref> | ||
| + | |||
| + | ==Lobbyists== | ||
| + | *[[Lansons Public Affairs]] <ref>APPC Register Entry for 1 Dec 2011 to 29 Feb 2012 </ref> | ||
| + | *[[Fleishman-Hillard]]<ref> [http://www.appc.org.uk/members/register/register-profile/?company=Fleishman-Hillard Register 1st September 2014 - 30th November 2014] ''APPC'', accessed 28 January 2015 </ref> | ||
| + | |||
| + | ===Former lobbyists=== | ||
| + | *[[Fishburn Hedges]]<ref> [http://www.appc.org.uk/wp-content/uploads/appc_entries_1_march_to_31_may_2008_v3.pdf Register Entry for 1 March 2008 to 31 May 2008] ''APPC'', accessed 28 January 2015 </ref> | ||
==Resources== | ==Resources== | ||
| − | + | ||
| − | |||
==Notes== | ==Notes== | ||
<references/> | <references/> | ||
[[Category:Banking and Finance Industry]] | [[Category:Banking and Finance Industry]] | ||
| + | [[Category:Financial sector lobbying]] | ||
| + | [[Category:Fracking]] | ||
Latest revision as of 02:59, 26 October 2018
JP Morgan is part of JPMorgan Chase & Co. 'a leading global financial services firm with assets of $1.5 trillion and operations in more than 50 countries... JPMorgan Chase serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan and Chase brands.'[1]
Contents
UK investment banking division
JP Morgan Cazenove became a wholly-owned part of J.P. Morgan in 2010, having originally operated as a joint venture between J.P. Morgan and the UK investment bank Cazenove.
It is the marketing name for the UK investment banking businesses and EMEA cash equities and equity research businesses of JPMorgan Chase & Co. and its subsidiaries. It says it:
- offers corporate, institutional and hedge fund clients a full-service Cash Equities platform across Europe, the Middle East and Africa. It provides Cash Equities solutions spanning Sales and Trading, Special Situations, Electronic Client Solutions and Commission Management.[2]
People
- Ian Hannam - global chairman of equity capital markets who stepped down in April 2012 to concentrate on fighting a £450,000 fine by the Financial Services Authority for market abuse related to passing on inside information to a client. [3] It was announced that Hannan would however remain at JP Morgan until he had completed the £50bn merger between Glencore and Xstrata expected to close by the end of summer 2012.[4]
Controversies
Manipulating prices
In May 2015 JPMorgan, Citigroup, Barclays and RBS were found guilty of manipulating the price of US dollar and euros and fined nearly $6 billion between them. US authorities discovered that between December 2007 and January 2013 traders at the banks had referred to themselves at 'The Cartel' in chatrooms 'where they used coded language to set benchmark rates'. During a trial period, one Barclays trader was even told 'mess this up and sleep with one eye open at night' with another Barclay's trader, in November 2010, saying 'if you ain't cheating, you ain't trying'. JPMorgan will pay $550 million in criminal fines as part of their guilty fines.[5]
Lobbying and political access
JP Morgan spent $6.3 million on lobbying the US government in Washington in 2014. Compared to the $4.8 million spent by Morgan Stanley and $3.4 million spent by Goldman Sachs Group.[6]
In 2014 the bank also hired: Brownstein, Hyatt et al for $120,000, Capitol Counsel for $140,000, Clark, Geduldig et al for $120,000, Fierce, Isakowitz & Blalock for $240,000, Glover Park Group for $50,000, Jones Walker LLP for $80,000, K&L Gates for $240,000, Lawrence J Romans & Assoc for $80,000, McBee Strategic Consulting for $100,000, Monument Policy Group for $120,000, Nappi & Hoppe for $120,000 , Triangle Assoc for $0 and Walter Group for $50,000. Amounting to 62 lobbyists for the bank including three former congressman and 53 from the revolving door.[7]
Attendee at UK energy minister's May 2018 shale gas roundtable
Energy minister Claire Perry hosted a roundtable with the fracking industry in May 2018 just hours before she gave evidence to a committee of MPs on the Conservative government's proposed changes to relax the rules on shale gas development in the UK.
JP Morgan was listed on a 'reconstructed' attendee list released under the freedom of information act to North Yorkshire resident Jonathan Bales following an internal review of the Department for Business, Energy and Industrial Strategy's initial, almost completely redacted, FOI response.[8]
Oil and gas companies at the roundtable included:
- Aurora Energy, BP, Cuadrilla, IGas, Ineos, Third Energy and lobby group UK Onshore Oil and Gas.
- Service companies: Ground Gas Solutions, Marriott Drilling, Onshore Energy Service Group, Zetland Group.
- Investors and fund managers: Riverstone (a major partner in Cuadrilla), Kerogen (investor in IGas), Global Natural Resource Investments (formerly part of Barclays which invested in Third Energy), KKR, JP Morgan.
Other industries and organisations: Chemical Industries Association chemical company SABIC, Coalfield Regeneration Trust, Engineering Employers’ Federation, GMB. [9]
Donations
Lobbyists
Former lobbyists
Resources
Notes
- ↑ About us, accessed 27 February 2008
- ↑ J.P. Morgan Cazenove, accessed 27 February 2008
- ↑ Brooke Masters, Javier Blas and Ben Fenton in London, Mining banker fined for market abuse, ft.com, 3 April 2012, accessed same day
- ↑ Helia Ebrahimi, Top JP Morgan banker Ian Hannam resigns over £450,000 fine for market abuse, The Telegraph, 03 Apr 2012, accessed same day
- ↑ Hazel Sheffield 'If you ain't cheatin, you ain't trying': four global banks plead guilty to felony charges of fixing the price of dollar and euros Independent, 20 May 2015, accessed 21 May 2015.
- ↑ Duncan Robinson and Tom Braithwaite Goldman Sachs’ reported spending on EU lobbying rises 14-fold Financial Times, 28 April 2015, accessed 29 April 2015.
- ↑ Center for Responsive Politics Lobbyists representing JPMorgan Chase & Co, 2014, accessed 29 April 2015.
- ↑ What do they Know?, Shale Gas Round Table: internal review of Freedom of Information request to Department for Business, Energy and Industrial Strategy, 24 July 2018
- ↑ Ruth Hayhurst, What government told the shale gas industry about success, regulation, jobs and support, Drill or Drop, 22 October 2018, accessed same day.
- ↑ Cherie Blair Foundation Donors and partners, accessed 30 March 2015
- ↑ Laura Noonan and George Parker, 'Banks lead as business buys into UK’s pro-EU campaign', 22 January 2016, Financial Times, accessed 13 April 2016
- ↑ APPC Register Entry for 1 Dec 2011 to 29 Feb 2012
- ↑ Register 1st September 2014 - 30th November 2014 APPC, accessed 28 January 2015
- ↑ Register Entry for 1 March 2008 to 31 May 2008 APPC, accessed 28 January 2015
