GO
Loading...

JPMorgan to name Linda Bammann, Michael Neal to board

Adam Jeffery | CNBC

JPMorgan Chase said it expects Linda Bammann, former director of Federal Home Loan Mortgage Corp, and Michael Neal, former GE Capital CEO, to join its board of directors.

The largest U.S. bank, which has been under heightened regulatory scrutiny, also said it would create a new lead independent director position. Lee Raymond, formerly presiding director, will be appointed to the position.

Bammann is expected to be elected to the board on Sept. 16. Neal will join the board in January, when he will retire from his current position as vice chairman at General Electric.

Reuters had reported last month that the bank was close to naming two new directors.

Bammann previously served as chief risk management officer at Bank One from 2001 until its acquisition by JPMorgan, and as deputy head of risk management at JPMorgan before her retirement in 2005.

(Click here for JPMorgan's stock action in pre-market trading.)

CNBC contributed to this report.

Banks

  • More and more people are hiding cash in places other than a bank, according to an American Express study. CNBC's Kelli B. Grant breaks down the best way to stash your cash.

  • The Breakers Palm Beach resort in Palm Beach, Fla., is shown in this aerial view.

    Six hedge fund managers gave their best investment ideas at an exclusive—and private—Morgan Stanley conference. Here are their picks.

  • Deutsche Bank has posted its fourth quarter earnings. Dirk Becker, deputy head of German research at Kepler Cheuvreux, says the bank did "incredibly well."