Woke politician Chukka Ummuna joins JP Morgan as whole trading industry goes green
Whether we think its trendy or not, ESG products are definitely part of the future of electronic trading
There is no question that green instruments are the future. They align with government policy as the ‘woke’ politicians run amok in the Western world.
The latest to join this bandwagon is JP Morgan, one of the world’s largest interbank FX dealers by market share, which has appointed left wing politician Chukka Ummuna to its board of directors.
A greater oxymoron may be hard to find. Here we have the height of capitalist electronic markets electing a socialist politician with ‘woke’ views, embracing a green trading phenomenon.
ESG, the acronym used to symbolize green corporate strategy in financial markets, is the future, whichever way it is looked at, however.
In this case, 42-year-old Mr. Ummuna, who was a Labour frontbencher before a series of defections saw him end up as a Liberal Democrat and lose his seat in the 2019 general election, will oversee JP Morgan’s environmental, social, and governance services in Europe.
Mr. Umunna will leave a similar role at communications firm Edelman.
Former Conservative party Chancellor Sajid Javid was hired by JP Morgan last year, as was former Labour prime minister Tony Blair after he left office. Another ex-Chancellor, George Osborne, joined investment bank Robey Warshaw last week.
Umunna’s brief includes corporate finance, investment flows, operational decisions, and capital allocation” JP Morgan said.
Trying to be cool, or genuinely paving the way ahead? Well – it is clear that many ESG products are now making their way onto the electronic markets and are catching the much needed attention of younger traders.