NEW YORK, Dec 21 (Reuters) - JPMorgan Chase & Co CEO Jamie Dimon on Thursday added Peter Scher, global head of corporate responsibility, to the bank’s 10-member operating committee of top executives.
In an employee memo, which was seen by Reuters, Dimon said he named Scher to the panel to ensure a “coordinated approach to our broad-based community engagement, government relations and overall public policy efforts.”
The operating committee meets weekly and includes the chief executives of JPMorgan’s four major business segments, plus the chief financial, risk and information officers, and the general counsel and head of human resources.
Scher, 56, is based in Washington, D.C. and already reports directly to Dimon. He oversees government relations, public policy, philanthropy and a research group that issues reports on the economy using transaction data from the bank, the biggest in the United States by assets.
Dimon, 61, began traveling more to Washington and speaking to lawmakers this year after becoming chairman of the Business Roundtable, a lobbying group that represents CEOs of large U.S. companies. [reut.rs/2fjGexX]
Scher directs one of Dimon's favorite projects: JPMorgan's $150 million investment to encourage urban renewal in Detroit. [reut.rs/2y6mXYx]
He joined JPMorgan in 2008 after working as a global trade lawyer and managing partner in the Washington, D.C. office of Mayer Brown LLP.
He was working for Dimon in 2012 when the CEO was summoned to Washington to answer for JPMorgan’s loss of more than $6 billion in its “London Whale” trading debacle.
Scher had worked for the government for nearly a decade and was special trade ambassador for former President Bill Clinton. He worked on negotiations for China’s entry into the World Trade Organization. (Reporting by David Henry in New York; Editing by Susan Thomas)