Jamie Dimon to JPMorgan: You Need Me More Than I Need You

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One of corporate America's most renowned executives considers quitting, and KFC slumps in a key market.

For the third Monday in row, the Dow and the S&P 500 begin the week at record highs. All of the major averages gained one percent or more last week, and the Dow is now up more than 15 percent so far this year. The Nasdaq is at its highest level since November of 2000 – but still 32 percent below its March 2000 record.

Jamie Dimon
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The Wall Street Journal reports JPMorgan Chase (JPM) CEO and Chairman Jamie Dimon has threatened to leave the company if shareholders vote the split up his two positions. The company's shareholder meeting takes place a week from today.

Oil and gas company Hess (HES) says CEO John Hess is stepping down as chairman. The move comes just days before the annual meeting, at which the company will face some shareholder opposition to management. John Hess is the son of the company's founder.

More trouble for the parent company of KFC, Taco Bell and Pizza Hut: Yum Brands (YUM) reports a key measure of sales in China tumbled 29 percent in April, hurt by a bird flu scare. China had been a key engine of growth for Yum, accounting for as much as half of its global sales.

Retailers will be in the spotlight as several leading chains report earnings this week. None of them are out today, but later in the week we'll hear from Walmart (WMT), J.C. Penney (JCP), Macy's (M), Nordstrom (JWN) and others.

Cereal maker Post Holdings (POST) reports this morning. The maker of Grape Nuts was spun off from Ralcorp (RAH) last year.

And the FDA late Friday dealt a blow to Endo Health (ENDP). Regulators turned aside the company's request that they reject a generic drugmaker's application to make version of the painkiller Opana ER. Edo claimed the generic version is unsafe because it is not tamper resistant.


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gttdux

One of my bosses along the road of life had some sage advice: "anyone of thinks he's too valuable to be replaced should be fired immediately" .... good advice for JPM stockholders.

May 13 2013 at 12:20 PM Report abuse +1 rate up rate down Reply
gov111w

Since he took over, Morgan Chase has done very well, look at the record...they are today the premier Bank in the world...Thanks to Jamie Dimon....There is no one in his class out there .He is in his prime....He could be hired tomorrow at much more than he's making ... They let him go they would be stupid...

May 13 2013 at 11:32 AM Report abuse -1 rate up rate down Reply
beetho91

If you studied the financial crisis, then you would know that Jamie Dimon is the best of the best. His firm did not need bailed out, and he was a team player during the crisis. So, instead of bashing him, maybe we should prosecute the other losers who ruined our economy. Don't forget who was in charge at the time of the collapse... unneeded wars and missed intelligence before 9/11 sent our nation into a death spiral. We are lucky to have avoided a Depression!

May 13 2013 at 11:29 AM Report abuse -1 rate up rate down Reply
realrambo

jamie didn't you say all workers are expendable , welcome to the club , don't let the door hit you .on your way out .

May 13 2013 at 11:15 AM Report abuse +1 rate up rate down Reply
vstlvlvaccaro

This is EXACTLY why the 1%er's are absolutely HATED by the vast majority of Americans ... This POS is a perfect example right before your eyes .......

May 13 2013 at 10:55 AM Report abuse +1 rate up rate down Reply
1 reply to vstlvlvaccaro's comment
ctmach1

Cudos to you.

May 13 2013 at 12:20 PM Report abuse +1 rate up rate down Reply
Mikerat42

TTFN and clean up your slime trail when you're leaving...

May 13 2013 at 10:50 AM Report abuse +1 rate up rate down Reply
Polo151821

Hes right actually, the only reason people here are talking smack is because they wish they had what he has, easy to throw stones.

Replacing a CEO , a good CEO, which he is, is not easy , in Any company, they don't just fall off trees.

May 13 2013 at 10:37 AM Report abuse -1 rate up rate down Reply
dncnbr6812

Government bails these guys out, no fn risk for them. If I borrowed from the treasury for less than 2% I'm sure I could make money.

May 13 2013 at 9:53 AM Report abuse +1 rate up rate down Reply
1 reply to dncnbr6812's comment
gov111w

Government did not bail out Morgan Chase,,,,they were forced to take the loan and they did repaid it with interest on the first date the Government would take it back. You are not aware of the facts and Morgan Chase

May 13 2013 at 11:35 AM Report abuse rate up rate down Reply
charlie1926b

Did he put a poison pill some where in the company that will explode if they they get rid of him?

May 13 2013 at 9:50 AM Report abuse +1 rate up rate down Reply
ozamiz85

Typical CEO attitude. Arrogance is Not in short supply with these people. Take a look at Comcast CEO Roberts... What a major Tool.

May 13 2013 at 9:48 AM Report abuse +1 rate up rate down Reply