American banking giant, J. P. Morgan Chase & Co has said that it has appointed Lee Raymond as the new lead independent director of the company.

Lee Raymond is a former Exxon Mobil Corp. chairman and chief executive and has been has been presiding director at J. P. Morgan. In the new position, Raymond will have new authority, including the power to call a board meeting at any time and also guide the annual performance evaluation of Chairman and Chief Executive James Dimon.

The move is appointed the lead independent director comes as the company faces pressure from the regulators in the country to strengthen its working environment. The lender has agreed to pay $300 million settlement to resolve accusations that they forced homeowners to get over-priced property insurance and also entered into arrangements to increase policies' prices.

"The settlement will have no expected impact on our financials," JPMorgan spokeswoman Amy Bonitatibus said in a statement

The settlement requires JPMorgan to stop accepting commissions for force-placed insurance. JPMorgan and Assurant did not admit any wrongdoing in the case but agreed to pay the settlement amount to settlement case.