Arab Today, arab today jpmorgan\s dimon keeps chairman
Last Updated : GMT 15:35:29
Arab Today, arab today
Arab Today, arab today

JPMorgan\'s Dimon keeps chairman

Arab Today, arab today

Arab Today, arab today JPMorgan\'s Dimon keeps chairman

New York - AFP

JPMorgan Chase shareholders Tuesday endorsed chief executive Jamie Dimon to remain chairman, but the bank\'s board faces added pressure after some board members barely won a majority. The Wall Street banking titan, under pressure over the huge \"London Whale\" derivative losses two years ago, beat back a shareholder proposal to strip Dimon of one of his leadership roles. The proxy vote mustered just 32.2 percent of the vote Tuesday, even less than the 40 percent a similar measure garnered last year. But shareholders sent a strong message of concern about the effectiveness of board oversight in the wake of the London debacle in which the bank lost $6.2 billion in an out-of-control derivatives trading operation. Three members of the bank\'s risk committee received less than 60 percent support as shareholders said they shared some of the blame for the losses. Dimon expressed regret for the Whale debacle, but said the company was working hard to put the problem behind it. \"We try to admit our problems, fix them and move on,\" Dimon said during the meeting. Afterwards, he added in a formal statement: \"We appreciate the support shown by shareholders and the thoughtful way many have engaged with us as they determined how to vote on these issues.\" \"We take the feedback from shareholders very seriously.\" Shareholder groups had hoped to prod the board via a non-binding vote to remove Dimon from the chairmanship. Though widely praised for his leadership during the 2008 financial crisis, he came in for heavy criticism after the London Whale losses, so-called after the nickname of one of the traders involved. Shareholder activists argued that the losses demonstrated the need for an independent chairman as a check on Dimon. JPMorgan countered that its aggressive investigation and follow-up to the loss, which included slashing Dimon\'s pay, showed strong oversight. In addition, the bank, the nation\'s largest by revenue, pointed to its record profits and strong performance in the stock market as further reasons to reject the proposal. JPMorgan heavily courted key investors ahead of the vote. During one investor meeting, the charismatic Dimon threatened to leave the bank if shareholders approved splitting the two executive jobs, according to published reports. Marty Mosby, an analyst at Guggenheim Partners, said the outcome showed shareholder confidence and support for Dimon\'s long-term track record. \"But it also shows their support for the board\'s reaction to last year\'s (trading) loss and how they\'ve handled that over the last year.\" The critics were not all satisfied. Dimon had \"a kind of a cat-that-ate-the-canary look on his face throughout the meeting,\" said Lisa Lindsley, director of capital strategies at public employee union AFSCME, which sponsored the proposal to split the chairman and chief executive roles. \"He probably sees it as a big victory,\" Lindsley said. \"I do think that\'s how he sees it, but it\'s unfortunate for the rest of us.\" But if Tuesday\'s vote shored up Dimon\'s authority, it left the board itself in question. Some shareholders at Tuesday\'s meeting sharply questioned Dimon and Lee Raymond, presiding director on the board, on the qualifications and effectiveness of members of the bank\'s risk committee. Three of those panel members came under heavy criticism over the London losses, and earned less than 60 percent support from shareholders. AFSCME\'s Lindsley said the three should resign, calling the vote \"a clear sign that a number of things on the board need to change.\" Raymond hinted that it may undergo a makeover soon. \"In terms of the composition of the risk committee, you should stay tuned,\" he told the meeting. JPMorgan shares closed 1.4 percent higher Tuesday at $53.03, up nearly 21 percent since the beginning of 2013.

arabstoday
arabstoday

GMT 13:46 2017 Thursday ,19 October

Samsung's revamped Bixby takes on Amazon Alexa

GMT 21:35 2017 Wednesday ,18 October

King congratulated by Premier on BIDEC success

GMT 21:27 2017 Wednesday ,18 October

Shaikh Nasser praises Derasat efforts

GMT 11:54 2017 Wednesday ,18 October

Airbnb rentals boom across Africa

GMT 18:06 2017 Tuesday ,17 October

Three companies offering to search for MH370

GMT 19:24 2017 Sunday ,15 October

Royal Jordanian eyes operating profit this year

GMT 19:19 2017 Sunday ,15 October

London court adjourns Dana Gas sukuk trial

GMT 17:28 2017 Sunday ,15 October

Weinstein film studio facing sale or shutdown
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today jpmorgan\s dimon keeps chairman Arab Today, arab today jpmorgan\s dimon keeps chairman

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today jpmorgan\s dimon keeps chairman Arab Today, arab today jpmorgan\s dimon keeps chairman

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Writing's on the wall for Trump, Zuckerberg

GMT 09:05 2017 Thursday ,19 October

Writing's on the wall for Trump, Zuckerberg
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Hussein Fahmy happy for honoring in festival

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday