摩根大通巨亏60亿，业余董事会安然无恙

    摩根大通（JPMorgan Chase）上周召开董事会会议，省掉了进行新董事介绍这个环节。8个月前，该行披露了华尔街历史上最大规模的交易亏损案之一。而现在其董事会仍没有出现任何新面孔，也没有董事退出。

    该行出现60亿美元的交易损失（去年5月份初次披露）后，摩根大通董事会遭到严厉批评。在该行董事会的12名董事中，除了首席执行官杰米•戴蒙以外，只有一人有过在大银行工作的经验，但那也仅仅是二十年多前短短五年的债券交易经验。

    这些董事中，没有前监管官员，也没有学者。对于造成该行上述巨亏的金融工具类型，这些董事也不具备相关专业知识。更重要的是，相关交易曝光之后，摩根大通由三名成员组成的风险管理委员会是同行中规模最小的【高盛（Goldman Sachs）的风险管理委员会有8名成员】，其成员包括美国自然史博物馆馆长（American Museum of National History）艾伦•富特和霍尼韦尔公司（Honeywell）首席执行官大卫•科特。这两位成员没有任何金融行业经验。出现这笔巨额交易亏损之后，现任摩根大通董事蒂莫西•弗林加入了该行的风险管理委员会。弗林是毕马威会计师事务所（KPMG）的前董事长。

    早在该巨额交易亏损发生前一年，许多股东和股东代理权顾问公司就已经指责过摩根大通董事会在财务上精明不足。股东代理权顾问公司Glass Lewis曾建议股东投票撤销富特的董事职位。

    巨额交易亏损让摩根大通董事会措手不及，似乎验证了股东们的担忧。但即使这样，该行仍然尚未撤换任何董事。

    变则赢（Change to Win）高级政策分析师迈克尔•普赖斯-琼斯说：“太让我意外了。这家银行的董事会需要大换血。”这家总部设在华盛顿的股东组织一直在寻求推动摩根大通的董事会调整。

    摩根大通的一位发言人拒绝就此发表评论。周二，该行召开董事会会议，审议交易亏损相关调查的细节以及有关该公司未来避免类似损失可采取的措施建议。该行董事会预计在周三发布调查结果。

    出现巨额交易亏损后，该行已实施了一系列管理层调整措施。摩根大通任命了新的首席财务官和首席风险官。前首席投资办公室主管伊娜•德鲁已经离职。巨额亏损正是该行首席投资办公室造成的。此外，首席执行官戴蒙将投资银行业务全权委任给了两位新任执行官。作为该行元老，投资银行业务主管杰斯•史丹利最近离职，转而加入了一家对冲基金。据称该对冲基金从摩根大通巨亏交易中赚取了超过1亿美元的利润。

    针对摩根大通的巨额交易损失，联邦储备委员会（Federal Reserve）和货币监理署（Office of Comptroller of the Currency）要求它加强风险控制。周一，该行同意采取相关整改措施。据报道，该行董事会也在考虑下调首席执行官戴蒙和前首席财务官道格•布朗斯坦的奖金。

    When the board of directors of JPMorgan Chase met on Tuesday, there was no need for introductions. Eight months after the bank disclosed one of the biggest trading losses in Wall Street's history, there's not a single new face on the board of JPMorgan (JPM). No one has left, either.

    JPMorgan's board was roundly criticized in the wake of the bank's $6 billion trading loss, which was first disclosed in May. Of the 12-member board, only one, other than CEO Jamie Dimon, had any experience working at a major bank, and that experience included just five years of bond trading more than two decades ago.

    There are no former regulators or academics, or anyone who had any working knowledge of the type of financial instruments that had caused the bank to stumble. What's more, when the trade was discovered, JPMorgan's risk management committee, with three members, was the smallest of any its rivals (Goldman Sachs (GS) has eight) and included Ellen Futter, the president of American Museum of National History, and Honeywell CEO David Cote. Neither has any experience in the financial industry. In the wake of the loss, Timothy Flynn, a former chairman of KPMG and already a member of JPMorgan's board, was added to the firm's risk committee.

    As much as a year before the trading losses, a number of shareholder and proxy advisory firms had criticized JPMorgan's board for its lack of financial acumen. Proxy advisory firm Glass Lewis had recommended shareholders vote against Futter as a director.

    Nonetheless, even after the huge losses, which appeared to come as a complete surprise to JPMorgan's board, seemed to validate those concerns, the bank has yet to replace a single member of the board.

    "I am absolutely surprised," says Michael Pryce-Jones, a senior policy analyst at Change to Win, a Washington-based shareholder group that had been pushing for changes on JPMorgan's board. "The board needs a wholesale change."

    A spokesperson for JPMorgan declined to comment. On Tuesday, the company's board met to review the details of an investigation into the loss, as well as suggestions as to what the board could do to help the firm avoid losses in the future. The board was expected to release the findings of the investigation on Wednesday.

    The bank has made a number of management changes in the wake of the trading loss. JPMorgan has a new chief financial officer and chief risk officer. Ina Drew, who had been in charge of the chief investment office, where the losses occurred, left the firm. And CEO Dimon has handed over the reigns of the investment bank to two new executives. Jes Stanley, a long-time JPMorgan executive who had run the investment bank, recently left the firm to join a hedge fund that reportedly made more than $100 million profit off of JPMorgan's ill-fated trade.

    On Monday, the bank agreed to consent orders from the Federal Reserve and the Office of Comptroller of the Currency in relation to the trading losses that called on the bank to beef up its risk controls. The board is also reportedly considering reducing the bonus of CEO Dimon and former CFO Doug Braunstein.