Fun and games at the JP Morgan Chase annual meeting.
CNBC reports that Jamie Dimon, CEO of JPMorgan Chase, won a shareholder endorsement of his pay package Tuesday and kept his title of chairman of the board, five days after disclosing a $2bn trading loss at the bank. Most ballots, however, were cast before CEO Jamie Dimon revealed the loss.
Speaking with reporters after the meeting, Dimon said: 'The buck always stops with me'. Earlier, he told shareholders that the company's mistakes were 'self-inflicted'.
Reuters reports that Dimon confirmed that JPMorgan may pursue clawbacks of past compensation from executives involved in bad trades that cost the bank billions of dollars, and moved to reassure investors by saying: 'We maintain a fortress balance sheet to manage surprises and setbacks like this. I’m confident when we’re done here we’ll be a stronger company'. He also said he thought that the trading losses wouldn't impact the dividend payout.
One banker told Here Is The City, however: 'If the 'buck 'always stops' with Dimon, how come only those further down the food chain have fallen on their swords ? Clearly this trading loss situation illustrates that the buck, in fact, doesn't stop with him at all'.
image: © Greg Habermann