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JPMorgan Shareholders to Vote on Separating Dimon’s Roles

Business News

0  Updated at 6:46 am, May 21st, 2013 By: ABC Digital
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Andrew Harrer/Bloomberg via Getty Images(TAMPA, Fla.) — A shareholder showdown is scheduled Tuesday at the annual meeting of JPMorgan Chase in Tampa, Fla.

A vote is expected on a proposal to separate the jobs of chairman and CEO at the big bank.  If the effort — which was started by several large pension funds — is successful, it would be a major blow for Jamie Dimon, who now holds both jobs.

Under Dimon’s watch, JPMorgan has been more profitable than most other banks; its share price held up very well despite the 2008 financial crisis.  

But last year’s “London whale” trading losses on risky trades exposed the bank to widespread criticism and federal investigations.

Some corporate government experts say JPMorgan needs a more independent board with better risk controls.

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