Report: JP Morgan, Bank of America in Cluster Bomb Investors ‘Hall of Shame’
“It is an absolute outrage that financial institutions are investing billions into companies that produce weapons which are banned under international law”
JP Morgan and Bank of America in Cluster Bomb Investors ‘Hall of Shame’
- Report finds 158 financial institutions in 14 countries invested $28bn
- Munitions which kill thousands of civilians are banned under 2008 convention
More than 150 financial institutions including JPMorgan Chase and Bank of America invested $28bn in companies that produce cluster bombs despite an international ban, according to a new report by the Netherlands-based peace organization PAX.
The report includes a “Hall of Shame”, a list of 158 banks, pension funds and other financial institutions that have invested in cluster munitions producers since June 2012, according to the 2016 report, titled Worldwide Investments in Cluster Munitions: A Shared Responsibility. The leading financial investors come from 14 countries including the United States, Canada and the UK, and include the investment firms China Everbright Group and T Rowe Price.
Cluster bombs are banned under international law by the Convention on Cluster Munitions, a 2008 Oslo treaty which was signed by more than 100 countries. The convention was the result of a years-long campaign against the weapons, which kill indiscriminately.
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Reports and more information below…
Key findings 2016 report Worldwide Investments in Cluster Munitions
Fact Sheet English – States Banning Investments
Full Report – Worldwide Investments in Cluster Munitions