jpmorgan chase ceo jamie dimon
Jacquelyn Martin/AP
JPMorgan Chase Chairman and CEO Jamie Dimon has given up the title of chairman of the company's main bank subsidiary to conform with a new internal policy on multiple roles.

Dimon has been under regulator scrutiny since the company last year disclosed it was losing billions of dollars on derivatives in what has become known as the "London Whale" trades. At this year's annual meeting, he won a vote of confidence called, in part, because of a breakdown in risk controls.

Dimon turned over the title of chairman of the deposit-taking unit, JPMorgan Chase Bank to a fellow director of the holding company, William Weldon, on July 1, a JPMorgan Chase spokesman said.

Dimon is now chairman emeritus of the subsidiary, according to a document released Thursday, which is the public portion of the company's so-called "living will" filed with the Federal Deposit Insurance Corp. and Federal Reserve. Living wills of bank holding companies describe how the companies could be taken apart if they became financially distressed.

Dimon gave up the title to conform with a new internal policy whereby the holding company's chairman isn't also the chairman of a subsidiary, according to the spokesman.

The change in Dimon's title at the subsidiary was reported earlier on Thursday by the Wall Street Journal.

JPMorgan (JPM) recently agreed to pay nearly $1 billion in penalties to regulators for its handling of the derivatives debacle. It is also in negotiations with federal and state officials to settle, for as much as $11 billion, allegations of wrongdoing in its sales of mortgage securities.


Increase your money and finance knowledge from home

Managing your Portfolio

Keeping your portfolio and financial life fit!

View Course »

Reading a Stock Quote

Learn to read the ingredients of a stock.

View Course »

Add a Comment

*0 / 3000 Character Maximum

7 Comments

Filter by:
sseco0

Wrong. Your reporters don't know what they are talking about.

October 04 2013 at 1:47 PM Report abuse -1 rate up rate down Reply
Condley

Somehow the bloated United States government does not understand the value the large banks play. I can't wait to here them start screeming when the world's largest banks from China start muscling us around. For some unknown reason the left brain-dead liberal mind never seems to understand the math of the finance world of banking.

October 04 2013 at 1:17 PM Report abuse rate up rate down Reply
bobbro100

The shake-down of Chase by DOJ is now complete. Wonder who Holder will attack next. Bawney Fwank (I'm wiwwing to woll the dice on Fannie and Fweddie) should be on the list, but banks are easier targets.

October 04 2013 at 12:47 PM Report abuse -2 rate up rate down Reply
johndson

Not to worry -- They'll be a new Godfather to keep the crime business going. Besides you don't need this job very long to make enough to keep you go for several lifetimes.

October 04 2013 at 12:19 PM Report abuse +2 rate up rate down Reply
jeviga

The big shot bankers are not in jail, will never be in jail for the simple reason, like Don Corleone, these guys own and have in their pockets most of the big shot politicians since they gave tens of millions to their campaigns....Wall street is way more influential than the morons in Washington DC

October 04 2013 at 11:51 AM Report abuse +3 rate up rate down Reply
lightningstrike

those thieves are not in jail because they paid everybody off,the great american-get out of jail card!!!!

October 04 2013 at 11:27 AM Report abuse +3 rate up rate down Reply
JIM ISHOO

I thought this thief was in jail with the rest of the banksters.

October 04 2013 at 11:21 AM Report abuse +1 rate up rate down Reply
hsstempe

agree

October 04 2013 at 11:19 AM Report abuse +1 rate up rate down Reply
appeallawyercohen

Why isn't Jaimie Dimon, Jon Corzine and Lloyd Blankenfein in jail where they belong?

October 04 2013 at 10:09 AM Report abuse +3 rate up rate down Reply