Photographer: Luke Sharrett/Bloomberg

JPMorgan ‘Significantly’ Cut Exposure to Gun Industry, CFO Says

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.

See more: BofA Will No Longer Lend to Some Gunmakers

    Quotes from this Article
    Before it's here, it's on the Bloomberg Terminal.