Bloomberg reports that Dimon, who serves as CEO and chairman of the parent company, handed off his post at the unit to William C. Weldon, a JPMorgan board member and former head of Johnson & Johnson, said the person, who asked not to be named because details of the move weren’t announced.
A regulatory document released Thursday listed Dimon as 'chairman emeritus' of the subsidiary, which runs JPMorgan’s deposit and consumer banking operations.
JPMorgan has sought to bolster corporate governance and rebuild its relationship with watchdogs after probes by regulators and a Senate panel faulted the firm for withholding information from U.S. overseers during trading losses last year. Dimon handed off the chairman title at the unit after company attorneys recommended it for technical reasons, rather than because of pressure from regulators or investors, said the person, who’s familiar with the bank’s thinking.
Dimon, 57, won shareholder backing in a May vote to keep his dual CEO and chairman titles at the parent company, defeating a push by investor advisory firms to split the roles in the wake of last year’s $6.2bn trading loss. While the board endorsed his leadership during that fight, it cut his pay for 2012 in half after finding he had some responsibility for lapses that led to the trading losses.
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