Statement from New York City Comptroller Scott M. Stringer

“Lee Raymond’s departure from the JPMorgan Board is a major victory for shareholders and our planet.

“In April, on behalf of the New York City Employees’ Retirement System, Teachers Retirement System of the City of New York and New York City Board of Education Retirement System, we launched a campaign urging JPMorgan Chase & Co shareholders to vote against the re-election of Lee Raymond to the board, based on his role as lead ‘independent’ director, long tenure on the board, and ties to fossil fuels. Following our campaign, JPMorgan named a replacement lead independent director, and today disclosed Lee Raymond will be leaving the board entirely.

“This is a testament to the power of investor pressure and is a clear sign that investors won’t accept business as usual when it comes to climate.

“JPMorgan needs to move away from financing the dirty fossil fuels of the past and toward the big, strategic clean energy investments of the future. We will be watching closely.”

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