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April 11, 2013

J.P. Morgan Takes Goldman's Spot In Corporate-Governance Hot Seat

“J.P. Morgan Chase & Co.’s chairman and chief executive officer, Jamie Dimon, renewed his apologies to shareholders for last year’s multibillion-dollar trading fiasco, and an investor that has pushed for corporate-governance changes at large financial firms said it would focus this proxy season on changing the bank’s board.

The developments highlight the challenges facing the largest U.S. bank ahead of its annual shareholder meeting next month in Tampa, Fla. Investors will vote on an advisory proposal to strip Mr. Dimon of the chairmanship, a post he has held since 2006.

The 57-year-old Mr. Dimon called the “London Whale” trading losses, which cost the company more than $6 billion and led to the departure of a top aide to the CEO, “a real kick in the teeth” and “the stupidest and most embarrassing situation I have ever been a part of.”

Five pages of Mr. Dimon’s 30-page annual letter to shareholders, released Wednesday, outlined “lessons learned” from the incident, which damaged Mr. Dimon’s standing as the best risk manager on Wall Street.”

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Read full Wall Street Journal article here

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