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JP Morgan’s Dimon to face calls to split top roles

The meeting in Tampa,Florida,will give investors their first crack at Dimon,also JPMorgan’s chief executive,since he revealed a soured hedging strategy had cost at least $2 billion and possibly much more.

Written by Reuters | New Delhi | Published: May 16, 2012 12:37:30 am

Jamie Dimon faces growing calls to give up the chairmanship of JPMorgan Chase & Co when shareholders of the bank convene on Tuesday,days after it revealed losses of billions of dollars in trades that were supposed to protect it from risk.

The meeting in Tampa,Florida,will give investors their first crack at Dimon,also JPMorgan’s chief executive,since he revealed a soured hedging strategy had cost at least $2 billion and possibly much more.

JPMorgan likely will face a barrage of questions about what Dimon knew,when he knew it and how a bank that has boasted of its “fortress” balance sheet could make such a major mistake.

JPMorgan argues in its proxy filing that the split is not necessary for Dimon. All other directors are independent with one presiding.

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