Oh Jamie you wouldn't, would you ?
Bloomberg reports that JPMorgan Chase investors risk shortening Jamie Dimon’s tenure as CEO if they appoint a separate chairman to help lead the bank, according to Charles Peabody, an analyst at Portales Partners.
'If the board is forced by a shareholder vote to strip Jamie Dimon of his chairman’s role, then shareholders may find that Jamie Dimon decides to move on, maybe not immediately but within the year', Peabody wrote in a note to clients Monday. 'If that were to occur, is there someone with Mr. Dimon’s talents capable of stepping into the breach ?'.
Calls for Dimon, 57, to give up the chairmanship have been building since the bank disclosed risk-control lapses on derivatives bets last year that fueled more than $6.2bn in losses. In March, the New York-based firm’s board urged investors to vote against naming a separate chairman at the next shareholder meeting, saying that Dimon’s dual role remains the 'most effective leadership model'.
And in the event that Dimon does eventually quit, he now has somewhere close-by to use as an office, as Bloomberg reports that Dimon has bought a commercial co-op unit on the ground floor of his Manhattan apartment building for $2.05m.
Dimon, 57, and his wife, Judy, completed the purchase of the property at 1185 Park Ave. on March 22, according to records made public by the New York City Department of Finance. The couple own a 16th-floor residence in the building.