J.P. Morgan Names Former Army Chief of Staff as Adviser -- Update
August 20 2015 - 4:15PM
Dow Jones News
By Emily Glazer And Chelsey Dulaney
J.P. Morgan Chase & Co. will bring on Gen. Raymond T.
Odierno, the recently retired chief of staff of the Army, as a
senior adviser to the firm, the bank announced Thursday.
Starting Sept. 1, Gen. Odierno will advise the bank's board and
Chief Executive James Dimon on topics such as the risks of doing
business in various countries, technology and physical and
cybersecurity.
The appointment comes as J.P. Morgan, the nation's largest bank
by assets, has increased its spending on cybersecurity following a
hack last summer that involved the theft of contact information for
about 76 million households.
The bank said in a regulatory filing earlier this month that its
annual cybersecurity budget is expected to nearly double this year
to about $500 million.
J.P. Morgan operates in more than 60 countries, including across
the Middle East and Africa, where there can be physical security
risks that Gen. Odierno is expected to advise on.
Gen. Odierno's military career spanned more than 39 years,
including tours of duty in both the Persian Gulf and Iraq wars. In
a 2010 interview with The Wall Street Journal, Gen. Odierno was
described as Gen. David Petraeus's main partner throughout the
surge of U.S. military force in Iraq that helped quell a violent
insurgency.
More recently, Gen. Odierno worked on issues in Russia and
pushed back on a suggestion by GOP presidential candidate Donald
Trump that the way to counter Islamic State would be to seize Iraqi
oil fields to eliminate one of the group's biggest sources of
revenue.
"There are limits to military power," he said of the idea at the
Pentagon days before his retirement earlier this month.
The New Jersey-born general, tall and stocky, is known for his
trademark shaved head and a reputation for candor.
At J.P. Morgan, Gen. Odierno will help structure the firm's
leadership training programs, sit on the firm's military and
veterans affairs council, and will represent the bank in meetings
with government officials and policy makers.
J.P. Morgan isn't the first bank to tap members of the U.S.
military for their expertise. Wells Fargo & Co., the nation's
largest bank by market value, in February named Suzanne M.
Vautrinot, a retired Major General and Commander in the U.S. Air
Force, to its board.
Write to Emily Glazer at emily.glazer@wsj.com and Chelsey
Dulaney at Chelsey.Dulaney@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 20, 2015 16:00 ET (20:00 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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