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JPMorgan Board, Execs Stand By Their Man

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Executives and directors of J.P. Morgan Chase are rallying large investors against a nonbinding shareholder proposal to strip Chief Executive James Dimon of his chairmanship, the latest attempt to restore calm following a multibillion-dollar trading loss. The largest U.S. bank is arranging conversations with big fund managers in the coming weeks. J.P. Morgan is scheduling calls and offering meetings with directors for some of its biggest shareholders, including BlackRock Inc. and State Street Global Advisors, a unit of State Street Corp. Other large holders include Vanguard Group Inc., Fidelity Investments and T. Rowe Price Group Inc. Votes on the proposal will be counted at the company's annual meeting next month in Tampa, Fla. Mr. Dimon has held the chairman and chief executive posts since 2006. Proponents of separating the two also plan extensive shareholder lobbying during coming weeks, including a meeting in Washington, D.C., with funds that hold large blocks of the company. [WSJ]