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Tuesday, May 15, 2012

JPMorgan's Dimon keeps his chairman job in shareholder vote

Shareholders overwhelmingly voted him back onto the board as well as approving executive compensation packages. Shareholders voted only 40% in favor of a nonbinding proposal to split the jobs of chairman and CEO. Final vote tallies will be filed later with the Securities and Exchange Commission.

But shareholders at the bank’s annual meeting in Tampa, Fla., took the opportunity to confront Dimon about the company’s recently disclosed $2-billion loss and 12% stock plunge.

Larry Evanoff, 54, a retiree from Tampa, said he was concerned “about what controls are in place to prevent an incident like this from happening in the future.”

“It seems like the risk management at some level would have brought this to someone’s attention” earlier, he said during the meeting.

On Monday, the White House said that the JPMorgan loss highlighted the need for tough regulations, such as the Dodd-Frank financial reform law championed by President Obama.

During the shareholder meeting, Dimon reiterated that JPMorgan’s mistakes were “self-inflicted” and that “this should have never happened.”

But, he added, “no clients were affected. No customers suffered as a result as our mistakes.”

Ina Drew, the bank’s chief investment officer, said Monday that she would step down. Drew headed the JPMorgan unit responsible for the $2-billion loss.

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