Giant JP Morgan today spoke for the first time about its role in supporting the planned European Super League, admitting that it “clearly misunderstood” how the project would be received.
A US company that employs thousands in London has assembled a multi-billion pound financial package to undertake a tournament.
But in the midst of unprecedented turmoil from fans, the national league and even the prime minister, the plan was abandoned within a few days this week.
In a statement, JP Morgan said: I will learn from now on. “
Banks have been abused for participating in the project by agreeing to underwrite a € 3.25 billion fund to promise the participating clubs an initial payment of € 200-300 million. I did.
That brilliant misconception about the mood of the football-loving public was in stark contrast to CEO Jamie Dimon’s loud bragging efforts to strengthen the company’s environmental, social and governance (ESG) credibility.
In his latest annual report, he talked about how JP Morgan defended “the essential role of banks in the community-the potential to connect people …”.
The Super League proposal achieved that, but only by unifying the football community against it.
Standard Ethics, a sustainability rating agency that rates a company’s ethical status, like a credit rating agency, has downgraded JP Morgan from “appropriate” to “non-compliant.”
Almost apologies for banks today could go some way to improve their reputation. This has already been hit by its role in Deliveroo levitation, which turned out to be very overvalued and plunged in value when the stock opened.
Goldman Sachs and JP Morgan were IPO advisors.
Former Labor Party shadow business minister Chuka Umunna had just begun working in a bank as head of ESG. He was not said to have been involved in the Super League project.
Banking giant JP Morgan in a super league blunder: “We clearly misunderstood”
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