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January 11, 2013

Dimon Leaves New York Fed Board as His Term Ends

Jamie Dimon, the chief executive of JPMorgan Chase, has left the board of the Federal Reserve Bank of New York, a position that had stirred some controversy after the bank’s big trading loss last year.

Mr. Dimon’s three-year term, his second on the board, expired at the end of December. While there are no official term limits, it is common for New York Fed directors to serve no more than two terms.

So far, Mr. Dimon has not been replaced. He was designated a Class A director, elected by and representing banks. Joseph Evangelisti, a spokesman for JPMorgan, declined to comment.

Mr. Dimon’s role on the board came under scrutiny last May, when JPMorgan announced a multibillion-dollar trading loss at the bank’s chief investment office in London. The incident raised questions about how the risky position could have gone undetected by regulators, which include the Federal Reserve.”

 

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Read full New York Times article here

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