Sue Reisinger – April 19, 2013 – Corporate Counsel
As JPMorgan Chase & Co. tries to straighten its wobbly ship through internal staff changes, it has opted to hire a new global head of compliance and have her report to top executives rather than to the general counsel.
Federal regulators, as well as officials who wrote the U.S. sentencing guidelines, clearly prefer a compliance officer independent of the general counsel’s office. So it is no coincidence that Chase made the switch while it is still under federal scrutiny for its various missteps.
Chase spokesman Mark Kornblau told CorpCounsel.com on Thursday that “the compliance function is a critical component of how we manage risk across our firm.” . . .