Glasgow, Scotland — Indigenous activists on Wednesday staged a protest outside JPMorgan Chase headquarters in central Glasgow as pressure on banks to halt oil and gas extraction grows. A crowd of over a hundred chanted “enough is enough” and “shame on you” outside the American multinational bank’s office building, just over a mile from where crucial talks at the COP26 climate conference are currently taking place. JPMorgan Chase is the world’s biggest financier of fossil fuels, according to environmental organisations. In 2020 the bank pledged to end fossil fuel loans for Arctic oil drilling and phase out loans for coal mining. However, a recent report shows the bank provided £230 billion in support for fossil fuels between 2016-2020.
JP Morgan Chase
Imagine if activists and elected officials were clamoring for emergency provision of food and McDonald’s offered to place a drive-thru window in every post office. Calling it #postalfood. That makes as much sense as JPMorgan’s Chase recent attempt to place its own ATMs in every post office and call it #postalbanking. According to recent reports, Chase — the largest bank in the United States, with $3.2 trillion of assets — has offered to lease space from USPS in exchange for the “exclusive right” to solicit postal banking customers. Wall Street has consistently opposed the return of postal banking since its destruction in the 1960s. Chase and other nefarious actors are attempting to prevent competition before it even forms. The 2020 Democratic Party Platform and Biden-Sanders Unity Task Force recommendations both call for postal banking. But they also call on policymakers to separate retail banking institutions from more risky investments and protect consumers from high rates, onerous fees, inequitable credit reporting, and other harms.
New York, NY — Bowing to pressure from climate and shareholder activists, JP Morgan Chase will be demoting former Exxon CEO Lee Raymond from his Lead Independent Director position on the bank’s board. The news was buried in a filing with the SEC released on Friday. Stop the Money Pipeline, a coalition of over 100 groups working to pressure Wall Street institutions to stop financing fossil fuels, have been pressuring JP Morgan Chase for months to kick Raymond off the board entirely. Tens of thousands of activists with organizations such as the Sierra Club, Friends of the Earth and others have sent messages in recent months calling on Chase to remove Lee Raymond from the board.
The bank's investments should be known to us if the profiteering is cutting life short. The bank that blew up the Paris Climate Agreement - everyone should know what Chase has done. Unimaginable streams of money- $2.6 trillion pouring into destruction: Amazon deforestation, coal power, pipelines, weapons, prisons, Saudi refining and palm oil plantations. This should be known to everyone. We should know and the bankers should know that we know. We carry the karmic visuals right into the lobby and we are immediately told that this is private property and the police are coming for us. Let them come, they need to know this too.