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 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.