JPMorgan shakes up board risk committee JPMorgan Chase is to shake up its board risk committee, adding Timothy Flynn, the former chairman of KPMG, according to people familiar with the situation. Ellen Futter, president of the American Museum of Natural History, is expected to step down from the committee, these people say. Shareholders had criticised the composition of the committee even before JPMorgan revealed earlier this month it had suffered trading losses of $2bn in a blow to the bank's reputation as a strong risk manager. CtW Investment Group, an adviser to union-sponsored pension funds with more than $200bn in assets, contacted JPMorgan last year to tell the bank of its "major concern" about Ms Futter's qualifications. At the end of another week in which his leadership has come under scrutiny, it was also announced that Jamie Dimon, chief executive of JPMorgan, will appear before the Senate banking committee on June 7. Mr Dimon, a vocal critic of some elements of the Dodd-Frank financial reform, will answer questions from lawmakers as part of their "effort to get to the bottom of the massive trading loss." "As these events have amply demonstrated - much to the dismay of those who endlessly seek to roll back this tough, new law - Wall Street continues to need better risk management, vigorous oversight and unyielding enforcement," said Tim Johnson, the Democratic chairman of the banking committee. In another sign of the fallout from the trading loss, which has claimed the positions of several senior executives, the bank suspended its share buyback programme this week to preserve capital in the wake of the trading losses on credit derivative positions managed by its chief investment office. Shares in the largest US bank by assets have now fallen more than 17 per cent since the surprise conference call earlier this month in which Mr Dimon announced the "egregious" and costly mistakes . The buyback suspension may reduce JPMorgan's appeal to some investors. It had been the favourite of many investors in large-cap bank stocks, partly because of its superior return of capital. While Citigroup had its planned buyback blocked by the Federal Reserve and Bank of America did not dare ask for permission, JPMorgan began a $15bn buyback programme. However, the bank has not announced any changes to its quarterly dividend, which it raised from 25 cents to 30 cents earlier this year. Citigroup and BofA have only paid token dividends of 1 cent since the financial crisis. Until Mr Dimon's conference call, it was the only one of the large Wall Street banks whose shares were in positive territory on a 12-month basis.