JP Morgan Chase to choose new directors

August 21
7:23 AM 2013

JPMorgan Chase & Co is near to identifying the company's two newest directors, according to Reuters' source. The chosen candidates, specializing in finance and risk management, are to become part of the company's board.

The leading U.S. bank shortlisted the aspirants but according to Reuters' unnamed source, the board had would still have to cast their vote on Tuesday.The sources that have knowledge of the matter declined to release the list of names. 

Sources also revealed that the bank's Chairman and Chief Executive Jamie Dimon would have a big say on the final decision.The board's decision is set to come out in September.The new directors will be replacing board members David Cote and Ellen Futter who resigned in July of this year. 

JPMorgan Chase is currently under investigation by the U.S. Department of Justice for alleged manipulation of energy markets. According to a source close to the CEO, Dimon was not taking the inquiry well. Matters could get worse as several other probes are underway. 

The scrutiny could weigh on profits at the bank as losses from litigation could cost the bank at around USD 6.8 billion.

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