Hall of Shame – J

The following financial institutions beginning with “J” appear in the 2014 Don’t Bank on the Bomb Hall of Shame. For the full list, or to lookup financial institutions by country, please see here.

Jacobs Levy Equity Management (United States)

Jacobs Levy Equity Management has made an estimated 37 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Jacobs Levy Equity Management (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Jacobs Levy Equity Management

Company Country Total value (US$ mln) % Outstanding Filing date
Huntington Ingalls United States 37 0.80 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

Jana Partners (United States)

Jana Partners has made an estimated 386 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Jana Partners (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Jana Partners

Company Country Total value (US$ mln) % Outstanding Filing date
URS United States 386 9.76 14-Jul-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

Janus Capital Group (United States)

Janus Capital Group has made an estimated 1,858 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Janus Capital Group (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Janus Capital Group

Company Country Total value (US$ mln) % Outstanding Filing date
Babcock & Wilcox United States 163 4.68 30-Jun-2014
Boeing United States 659 0.72 30-Jun-2014
Huntington Ingalls United States 28 0.62 30-Jun-2014
Jacobs Engineering United States 80 1.13 30-Jun-2014
Lockheed Martin United States 345 0.68 30-Jun-2014
Northrop Grumman United States 232 0.93 30-Jun-2014
Raytheon United States 253 0.88 30-Jun-2014
Rockwell Collins United States 98 0.92 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

JM Financial (India)

JM Financial has made an estimated 62 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the underwriting of share issuances by JM Financial (India) for the nuclear weapon companies since January 2011.

Underwriting of share issuances by JM Financial

Company Subsidiary Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Larsen & Toubro L&T Finance Holdings Ltd 280 28 30-Jul-2011
34 30-Jul-2011

Source: Thomson ONE Banker, “Bond and share issue underwritings”, viewed August 2014.

JPMorgan Chase (United States)

JPMorgan Chase has made an estimated 16,272 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the loans provided by JPMorgan Chase (United States) to the nuclear weapon companies since January 2011.

Loans provided by JPMorgan Chase

Company Subsidiary Total value (US$ mln) Est. participation of this bank (US$ mln) Date
AECOM AECOM Technology 1,187 95 11-Aug-2014
1,050 84 11-Aug-2014
750 20 07-Jun-2013
600 40 23-Sep-2011
1,050 39 29-Jan-2014
1,050 70 13-Jul-2011
Airbus Group EADS 4,345 76 14-Mar-2011
Alliant Techsystems Alliant Techsystems Inc 250 14 08-Oct-2013
700 12 08-Oct-2013
1,010 17 08-Oct-2013
200 13 09-Mar-2012
150 15 24-Jun-2014
Babcock & Wilcox The Babcock & Wilcox Co 700 70 22-May-2012
BAE Systems BAE Systems PLC 3,269 82 12-Dec-2013
Bechtel Bechtel Corp 975 146 27-Jul-2012
1,000 100 14-Jun-2013
2,000 200 14-Jun-2013
Boeing Boeing Co 2,393 798 11-Jul-2013
2,453 818 11-Jul-2013
2,300 460 11-May-2011
2,300 460 11-May-2011
2,300 690 29-Sep-2012
2,300 690 29-Sep-2012
CH2M CH2M Hill Cos Ltd 900 135 19-Apr-2012
1,100 220 22-Mar-2014
Finmeccanica Finmeccanica SpA 3,001 106 09-Jul-2014
Gencorp GenCorp Inc 100 8 30-May-2014
200 15 30-May-2014
General Dynamics General Dynamics Corp 1,000 125 21-Jun-2013
1,000 80 14-Jul-2011
1,000 80 14-Jul-2011
Honeywell International Honeywell International Inc 2,800 560 17-Mar-2011
3,000 600 30-Mar-2012
4,000 73 18-Nov-2013
Huntington Ingalls Huntington Ingalls Ind Inc 489 49 23-Sep-2013
650 65 23-Sep-2013
Lockheed Martin Lockheed Martin Corp 16 6 30-Apr-2014
1,500 120 26-Aug-2011
Northrop Grumman Huntington Ingalls Ind Inc 575 58 31-Mar-2011
650 65 31-Mar-2011
Northrop Grumman Corp 500 50 08-Sep-2011
1,500 150 08-Sep-2011
500 50 18-Aug-2012
1,775 355 29-Aug-2013
Raytheon Raytheon Co 1,400 280 13-Dec-2011
Serco Serco Group PLC 1,159 72 21-Feb-2012
Textron Textron Inc 500 25 23-Jan-2014
700 420 24-Jan-2014
1,000 75 30-Sep-2013
1,000 143 02-Mar-2011
ThyssenKrupp ThyssenKrupp AG 2,751 75 07-Mar-2014

Source: Thomson ONE Banker, “Loans”, viewed August 2014.

The table below provides an overview of the underwriting of share issuances by JPMorgan Chase (United States) for the nuclear weapon companies since January 2011.

Underwriting of share issuances by JPMorgan Chase

Company Subsidiary Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Serco Serco Group PLC 270 135 01-May-2014
ThyssenKrupp ThyssenKrupp AG 1,200 600 03-Dec-2013

Source: Thomson ONE Banker, “Bond and share issue underwritings”, viewed August 2014.

The table below provides an overview of the underwriting of bond issuances by JPMorgan Chase (United States) for the nuclear weapon companies since January 2011.

Underwriting of bond issuances by JPMorgan Chase

Company Subsidiary Total value (US$ mln) Est. participation of this bank (US$ mln) Date
AECOM AECOM Technology Corp 800 80 17-Sep-2014
800 80 17-Sep-2014
BAE Systems BAE Systems PLC 350 70 10-May-2011
400 80 10-May-2011
500 100 10-May-2011
Boeing Boeing Capital Corp 500 67 28-Jul-2011
Boeing Co 350 35 30-Apr-2013
Finmeccanica Finmeccanica Finance SA 339 20 17-Jan-2014
777 71 28-Nov-2012
950 59 26-Nov-2013
Fluor Fluor Corp 500 20 09-Aug-2011
General Dynamics General Dynamics Corp 500 40 07-May-2011
500 40 07-May-2011
500 40 07-May-2011
500 50 11-Jan-2012
900 90 11-Jan-2012
1,000 100 11-Jan-2012
Honeywell International Honeywell International Inc 300 30 18-Nov-2013
700 70 18-Nov-2013
600 33 14-Feb-2011
800 44 14-Feb-2011
Lockheed Martin Lockheed Martin Corp 500 40 09-Jun-2011
600 48 09-Jun-2011
900 72 09-Jun-2011
Northrop Grumman Huntington Ingalls Ind Inc 600 60 03-Apr-2011
600 60 03-Apr-2011
Northrop Grumman Corp 850 57 28-May-2013
950 63 28-May-2013
1,050 70 28-May-2013
Raytheon Raytheon Co 425 43 29-Nov-2011
575 58 29-Nov-2011
1,100 88 27-Nov-2012
Textron Textron Inc 250 30 14-Sep-2011
250 30 14-Sep-2011
250 25 23-Jan-2014
350 35 23-Jan-2014

Source: Thomson ONE Banker, “Bond and share issue underwritings”, viewed August 2014.

The table below provides an overview of the nuclear weapon companies of which JPMorgan Chase (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by JPMorgan Chase

Company Country Total value (US$ mln) % Outstanding Filing date
AECOM United States 65 2.03 30-Jun-2014
Fluor United States 1,379 11.38 30-Jun-2014
Honeywell International United States 2,470 3.39 30-Jun-2014
Huntington Ingalls United States 35 0.77 30-Jun-2014
Larsen & Toubro India 137 0.52 30-Jun-2014
Northrop Grumman United States 197 0.79 30-Jun-2014
Thales France 115 0.92 30-Jun-2014
URS United States 17 0.54 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

The table below provides an overview of the nuclear weapon companies of which JPMorgan Chase (United States) owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Bondholdings managed by JPMorgan Chase

Company Country Total value (US$ mln) % Outstanding Filing date
Fluor United States 6 0.75 30-Jun-2014
Gencorp United States 42 5.16 30-Jun-2014
Rockwell Collins United States 9 0.55 30-Jun-2014

Source: Bloomberg, “Aggregated debt”, viewed in August 2014.

Jupiter Fund Management (United Kingdom)

Jupiter Fund Management has made an estimated 261 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Jupiter Fund Management (United Kingdom) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Jupiter Fund Management

Company Country Total value (US$ mln) % Outstanding Filing date
BAE Systems United Kingdom 261 1.23 18-Apr-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

 

Hall of Shame Methodology

Which financial institutions are involved in the financing of the selected nuclear weapon companies was researched using annual reports, stock exchange filings and other publications of the companies concerned, archives of trade magazines, local newspapers and the financial press as well as specialized financial databases (Thomson ONE, Bloomberg). Used resources are clearly mentioned.

Financial institutions can be involved in financing companies by providing corporate loans, by assisting companies with share- and bond issues, and by (managing) investments in shares and bonds of these companies. For asset managers and pension funds, the only relevant type of financial involvement is (managing) share- and bondholdings of the selected companies.

In this report, we have focussed on the financial institutions which are found to have most significant financing relationships with one or more of the selected nuclear weapon companies. To select these financial institutions, the following criteria are used:

  • All financial institutions involved in loans and underwriting deals for one or more of the companies since 1 January 2011;
  • All financial institutions which own at least 0.5% of the outstanding shares or bonds of at least one of the companies.

What is included

Each section provides the following information for each financial institution:

The types of financial relations which the financial institution has with one or more nuclear weapon companies. The relations are grouped by loans, investment banking and asset management. Financial activities are listed alphabetically by nuclear weapons company for each category.

The name of the receiving company, the amount, the date and (if known) the purpose for each financial relation.

All data is presented in tables. For loans, the first column represents the names of the selected companies that received the loans, the second column shows which subsidiary or part of the selected company has issued the loan. The third column is the purpose of the loan. The fourth column (# FI’s), shows the number of financial institutes participating in loans as loans are often offered by a syndicate of financial institutions. The fifth column represents the value of the total loan offered by the syndicate to the company. The sixth column is the amount for which this specific financial institute participated in the loan. This amount is calculated depending on the role the financial institute plays in the syndicate, as explained below. The last column shows the date the loan was issued.

The tables for underwriting of share and bond issuances have the same columns. The method for calculating these the value per financial institute can be below.

The tables for share and bondholdings managed by the financial institutions show the nuclear weapon producing companies, the country in which this company is situated, the percentage of all bonds or shares outstanding hold or managed by the specific institution, and the total value of the shares or bonds held by the financial institution in the indicated company.

When comparing this report with last years report please keep in mind that we have excluded some Indian sources due to recently identified errors in the Bloomberg databases regarding Indian Mutual Funds.

The financial institutions identified include banks, pension funds, sovereign wealth funds, insurance companies and asset managers from many different countries. They have provided various types of financial services to nuclear weapon companies.