jpmorgan chase president chairman ceo jamie dimon
J. Scott Applewhite/APJPMorgan Chase & Co. Chairman and CEO Jamie Dimon.
JPMorgan Chase Chairman and CEO Jamie Dimon said he may consider leaving the bank where he has held the top post since 2005, if shareholders vote to split his duties, The Wall Street Journal reported Saturday.

Shareholders will vote later this month at an annual meeting in Tampa, Fla., on a non-binding proposal to separate the chairman and chief executive roles after a more than $6 billion trading loss last year raised questions about risk oversight.


At first, Dimon said he wouldn't comment publicly on what he would do if the vote went against him, but when pressed he added that the worst-case scenario would be to leave the bank, the newspaper said, citing sources that attended a private meeting at the company's New York headquarters.

Results of the vote will be announced on May 21, but it remains unclear what the board will do if the proposal passes.

Among the investors who attended Monday's meeting, the Journal said, were top 10 shareholders Fidelity Investments and MFS Investment Management, as well as TIAA-CREF Asset Management and Goldman Sachs Asset Management.

Proxy advisory firms Institutional Investors Services and Glass Lewis & Co. said that the losing "London Whale" derivatives trades that cost the bank $6.2 billion last year showed the board had failed in its oversight of JPMorgan executives. The firms also recommended that some board members not be re-elected.

Two ranking JPMorgan Chase & Co. (JPM) directors issued a letter to shareholders Friday, arguing against recommendations. The letter, signed by presiding director Lee Raymond and corporate governance and nominating committee chairman William Weldon, said the advisory firms focused too narrowly on the trading losses and that the changes would be disruptive and not in shareholders' best interests.

A similar proposal to split the roles garnered the approval of 40 percent of shareholders last year.


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grneydmuse

About time Jaime Dimon gets the boot out of JP Morgan...he should be in jail!

May 13 2013 at 3:24 PM Report abuse rate up rate down Reply
Welcome MSGT

Hey jamie, your buddy obama will give you a job.

May 13 2013 at 2:47 PM Report abuse rate up rate down Reply
johnfj

I don't want JD to leave but . . . I voted for the separation of the Chairmanship and the CEO as a good corporate governance measure. JD needs to remember he works for the shareholders.

May 13 2013 at 12:50 PM Report abuse rate up rate down Reply
Gail

Let him go!

May 13 2013 at 12:50 PM Report abuse rate up rate down Reply
DOC

Jamie Dimon should be wearing an orange jumpsuit to work.

Doc

May 13 2013 at 12:17 PM Report abuse rate up rate down Reply
lyleva

And I will bet JPMorgan goes right on making money. Way too many CEOs have egos bigger than their compensation...which is way more than it should be in most companies.

May 13 2013 at 12:05 PM Report abuse rate up rate down Reply
Linda

He is going to take his ball and go home if he doesn't get his way!

May 13 2013 at 10:58 AM Report abuse rate up rate down Reply
jkennedy806

don't let the door hit you in the arse Jamie

May 13 2013 at 10:43 AM Report abuse rate up rate down Reply
hsstempe

WONDER IF HE WILL DRAW UNEMPLOYMENT?

May 13 2013 at 10:27 AM Report abuse rate up rate down Reply
jkennedy806

JAIL em and his little TBTF bankster gangster goons

May 13 2013 at 10:10 AM Report abuse rate up rate down Reply