Jamie Dimon has a message for his critics: Don’t bank on it.
The New York Post reports that while a symbolic shareholder vote on whether to separate the JPMorgan chairman and CEO roles is sure to be close, there are growing signs that the bank boss will hang on to both jobs.
For one, Dimon has been gaining the support of major institutional investors in recent weeks, including T. Rowe Price, which owns 14 million JPMorgan shares.
'I fully support the combined chairman and CEO role at JPMorgan under the superb leadership of Jamie Dimon', T. Rowe portfolio manager Brian Rogers said in a statement Thursday.
In the meantime, Reuters reports that for years, Dimon and other executives have hand-picked new directors, in a practice that is now unusual for a major U.S. bank.
The JPMorgan board's governance committee, responsible for hiring new members, relies almost entirely on referrals from management to find director nominees, according to two sources familiar with the bank's practices and a review of bank regulatory filings. All of the other 10 largest U.S. banks say they use executive search firms, which have knowledge of a range of possible candidates.
An examination of the bank's selection process, which until now has been little known, could prompt questions about how much influence Dimon has over the largest U.S. bank's board.
image: © Steve Jurvetson