JPMorgan Chase chief to retain joint chairman and CEO role

19 May 2010

JPMorgan Chase head Jamie Dimon is to retain his dual role as chairman and chief executive officer of the bank following a shareholder vote on the issue.

Investors were balloted on whether the positions should be run by two different people, but only 34 per cent voted in favor of such a change, reports Bloomberg.

Mr Dimon gave the shareholders an upbeat assessment of the economy and JPMorgan Chase's future growth prospects at the company meeting, stating that the firm is looking to increase the quarterly dividend paid out to shareholders in the near future.

"The economy is growing as we speak," he stated.

"We think it's better to wait when things are stable so we can pay a dividend you can count on."

Last month, Madhav Kalyan, chief executive officer of JPMorgan Chase Bank and head of corporate banking operations in India, told the Business Standard that the firm is looking to expand its presence in emerging markets such as India, China and Brazil.

By Gary Cooper

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