JPMorgan CEO Jamie Dimon stepped down as chairman of the bank’s main operating subsidiary in July because of a recommendation by the Office of the Comptroller of the Currency, according to two people with knowledge of the matter.
Bloomberg reports that the agency asked for the change as part of an effort to improve corporate governance at the company, said one of the people, who asked not to be identified because discussions were confidential.
The move wasn’t punitive, that person said. Robert Garsson, an OCC spokesman, declined to comment on the talks.
Dimon stepped down as chairman of the subsidiary on 1st July, a person with direct knowledge of the move said on 3rd October. When asked about the situation during a conference call with reporters last week, the CEO referred to talks with government supervisors without specifying whether any request was made.
'We are in constant dialogue with our regulators regarding how to strengthen our governance and controls', he said on the October 11th call to discuss the bank’s earnings. 'We thought this board change we made was consistent with our regulators’ views and governance for a banking subsidiary'.
The move didn’t affect Dimon’s titles as chairman and CEO of the parent company.
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image: © Steve Jurvetson