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October 4, 2013

JPMorgan’s Dimon Said to Relinquish Chairman Title at Bank Unit

“JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon stepped down as chairman of the lender’s main bank subsidiary at the start of July, according to a person briefed on the move.

Dimon, who serves as CEO and chairman of the parent company, handed off his post at the unit to William C. Weldon, a JPMorgan board member and former head of Johnson & Johnson (JNJ), said the person, who asked not to be named because details of the move weren’t announced. A regulatory document released yesterday listed Dimon as “chairman emeritus” of the subsidiary, which runs JPMorgan’s deposit and consumer banking operations.

JPMorgan has sought to bolster corporate governance and rebuild its relationship with watchdogs after probes by regulators and a Senate panel faulted the firm for withholding information from U.S. overseers during trading losses last year. Dimon handed off the chairman title at the unit after company attorneys recommended it for technical reasons, rather than because of pressure from regulators or investors, said the person, who’s familiar with the bank’s thinking.”

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Read full Bloomberg article here

 
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