Skip to main content

Does Jamie Dimon Have Too Much on His Plate?

Some meddlesome JPMC investors seem to think so.
  • Author:
  • Updated:

Some meddlesome JPMC investors seem to think so.

A major public employee union, the American Federation of State, County and Municipal Employees, and pension funds in Connecticut and New York are backing the new resolution asking the largest U.S. bank to name an independent chairman for its board. The proposal would come up for a vote at J.P. Morgan's annual meeting this spring. AFSCME plans to announce the proposal Wednesday, said a person familiar with the plans.

AFSCME filed the resolution with J.P. Morgan late in 2012 and the bank has not asked the Securities and Exchange Commission to throw it out, an AFSCME spokeswoman said. AFSCME intends to lobby the bank's largest shareholders for votes in favor of the split, she added.

A similar proposal received 40% approval from shareholders in 2012, the highest percentage on such an advisory proposal since at least 2005. J.P. Morgan has argued in prior years that the split wasn't necessary. A bank spokesman declined to comment Wednesday.

J.P. Morgan Faces Call to Split CEO, Chairman Roles [WSJ]


Jamie Dimon (Sort Of) Returns Tom Brady's Favor

Back in October, the most wonderful aspect of the JPMorgan Whale Tale emerged in the pages of Vanity Fair: the day Vice-Chairman Jimmy Lee barricaded himself in his office determined to come up with a way to help Jamie Dimon, and after hours of thinking real hard, summoned his six secretaries and told them they had a job to do, which was getting Tom Brady on the horn so he could deliver a pep talk sure to cheer up the boss. Was the call kind of awkward, considering the two had never spoken and Brady's lack of useful investment ideas likely meant his big speech involved not much more than  "Even Super Bowl champion quarterbacks have bad days" and "Keep your chin up out there?" Probably. And yet some sort of bond was clearly forged, which would explain why Dimon felt compelled to throw Brady this bone: