JPMorgan directors Cote and Fuller step down

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Associated Press

Posted on July 19, 2013 at 1:02 PM

Updated Friday, Jul 19 at 2:01 PM

NEW YORK (AP) — JPMorgan Chase & Co. says two directors who served on the bank's risk policy committee at the time of its $6 billion "London whale" trading loss are stepping down from the board.

The nation's largest bank says David Cote and Ellen Futter have retired, and it plans to name replacements later this year.

Cote, the chairman and CEO of Honeywell Inc., and Futter, the president of the American Museum of Natural History, were both re-elected to new terms this year but they were targeted by activist investors and received diminished support from shareholders.

Futter has been on the board for 16 years and Cote has been on the board for five years. They served on the risk policy committee when the bank suffered the surprise trading loss.

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