Jamie Dimon stays on as both chairman and chief executive at JP Morgan

22 May 2013

The chairman and chief executive of JP Morgan Jamie Dimon will keep both his jobs after shareholders voted in his favour.

One group of investors were calling on Mr Dimon to relinquish one role as it felt the bank should have a separate chairman in order to defend itself against future trading problems.

JP Morgan Chase suffered a $6.2 billion loss last year after trades made by the so-called London Whale turned out to be bad.

However, shareholders were 32.2 per cent in favour of creating a new chairman, which was lower than last year when the vote was 40.1 per cent.

Good corporate governance practice in the US and the UK suggests the two key roles should be done by different people, but JP Morgan will now remain unchanged.

Reports suggested Mr Dimon would have resigned should the vote have gone against him, although it was not binding.

Shares in JP Morgan rose two per cent to their highest level since 2001.

The three directors were on the board's risk management committee.

By Claire Archer

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