Bloomberg - Jamie Dimon thinks that these have become a 'farce'

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'That’s what it is, we all know that'.

Bloomberg News reports that JPMorgan Chase CEO Jamie Dimon said the number of U.S. publicly traded companies is dwindling in part because of excessive litigation and “frivolous shareholder meetings.”

“I love my shareholders. I speak to them in various forms all the time,” Dimon said Tuesday at the American Enterprise Institute in Washington. “But the shareholder meeting has become a farce. That’s what it is, we all know that.”

Many companies are averse to initial public offerings also because of regulations that accompany a share sale, Dimon said.

Jamie Dimon Says Shareholder Meetings Have Become ‘a Farce’

In the meantime, Bloomberg also reports that Citigroup, JPMorgan Chase and Fidelity Investments are among more than a dozen financial services firms joining an initiative to increase diversity across the asset management world.

Called “The Diversity Project,” the push is sponsored by NICSA, a non-profit trade association for the industry. Part of the goal is to ensure professionals in the investment business are as diverse as the clients and communities they serve.

“We have a brand challenge across the financial services industry -- where the brand is not very diverse, as we all know and acknowledge,” said Dan Houlihan, an executive at Northern Trust who is chairman of NICSA’s board. It’s especially unfortunate that some groups are underrepresented because the business offers excellent career opportunities, he said.

Citi, JPMorgan and Others Sign on to Boost Diversity in Finance


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