Tuesday, May 7, 2013

Shake up At JP Morgan Chase? The Revolt Against Jamie Dimon

Not so long ago, Jamie Dimon was trumpeted as America’s least-hated banker, the last man standing with both his reputation and good name intact amid a sea of contempt for big bank CEOs. He was viewed as the only adult on Wall Street, a potential Treasury Secretary, the undisputed leader and voice of the U.S. financial system.

But that was before last year’s London Whale trading fiasco that saw JPMorgan Chase suffer $6 billion of trading losses. Now, it is unclear whether JPMorgan Chase’s own shareholders will see Dimon fit enough to have full leadership control of the nation’s biggest bank. The chorus is growing louder for JPMorgan Chase CEO Dimon to be removed as chairman of the bank’s board, splitting the chief executive and chairman roles at the bank for the first time since 2006…

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