JPMorgan Chase shareholders voted down an initiative to strip Jamie Dimon of the dual roles of CEO and chairman at the firm’s annual meeting in Tampa, Florida.
The nation’s biggest bank reported that 32% of shareholders endorsed the measure, a sharp drop from the 40% who supported stripping Dimon of his chairmanship last year.
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Still, three board members overseeing risk-management policy garnered relatively slim majorities for reelection, a sign of widespread discontent. Corporate governance experts said the JPMorgan board would still need to assuage shareholders.
Jamie Dimon was under pressure over the huge ‘London Whale’ derivative losses two years ago in which the bank lost $6.2 billion in an out-of-control derivatives trading operation.
Dimon, who threatened to leave the bank if he lost his chairmanship, expressed regret for the Whale debacle, but said the company was working hard to put the problem behind it.
But shareholders sent a strong message of concern about the effectiveness of board oversight in the wake of the London debacle as three members of the bank’s risk committee received less than 60% support as shareholders said they shared some of the blame for the losses.
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