Regions

JP Morgan CEO to have more oversight

May 6
4:45 AM 2013

JP Morgan Chase & Co's CEO Jamie Dimon is losing ground fast in a bid to keep his position as many more investors in the bank are pushing for more controls over the position in light of the 'London whale' trading losses.

Shareholders, during its annual meeting in the coming two weeks, would be able to decide on the proposal to separate the chairman and CEO positions. Two of the biggest shareholders in the bank has told Reuters that they are thinking of voting to approve the proposal. The main reason for such decision would be the disastrous made on credit derivatives that had hit the bank with financial losses amounting to more than US$6 billion in 2012.

The proposal is a non-binding recommendation and there is no determination as to the acts to be undertaken should it pass approval. 

For its part, ISS Proxy Advisor Services recommended to its investors to support the proposal and also re-evaluate the election of three directors whom the advisory firm deemed to hav failed in the oversight duties in the bank.

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