JPMorgan `Significantly' Cut Exposure to Gun Industry, CFO Says
(Bloomberg) -- JPMorgan Chase & Co. has cut exposure to the gun industry amid the country’s debate over military-style weapons.
“We do have robust risk-management practices and policies associated with this, and we have had for a number of years," Chief Financial Officer Marianne Lake told reporters Friday during a conference call. “We continue to always refine them and work on them and as a result our exposures have come down significantly and are pretty limited."
Bank of America Corp. said earlier in the week it plans to stop lending to companies that make assault-style guns used for non-military purposes. A number of U.S. companies have weighed in on their ties to the gun industry and the National Rifle Association following the Feb. 14 shooting at a high school in Parkland, Florida that left 17 people dead.
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