TAMPA, Fla. (AP) — Shareholders at JPMorgan Chase will let Jamie Dimon, the chairman and CEO, keep both his jobs.
At the bank's annual meeting, 32 percent of shareholders voted for a measure that would have required the bank to split the roles. Had the measure succeeded, Dimon would have had to relinquish the role of chairman.
Shareholder groups lobbying for the split gained momentum from last year's surprise $6 billion trading loss, which tarnished the reputation of both JPMorgan Chase & Co. and CEO Dimon. The bank and Dimon had argued that letting Dimon keep both jobs was the most effective form of leadership.
It's a topic that has turned into a referendum on Dimon, who emerged from the financial crisis heading one of the strongest banks in the country. His reputation has been hurt over the past year over fallout from the so-called "London whale" trading loss, nicknamed for its size and the location of the trader who made the outsized bets on complex debt securities that went wrong.
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