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October 16, 2013

The "people who matter" support Jamie Dimon at JPMorgan

Who are the “people who matter”? According to Andrew Ross Sorkin of the New York Times, “investors, analysts, board members and, yes, even regulators,” none of whom, he says, wants Jamie Dimon fired as chairman and CEO of JPMorgan Chase

Is there a weaker argument for Dimon’s survival, given that he has presided over an institution that tops all other big U.S. banks in the number and scale of its regulatory inquiries? (We raised the question of Dimon’s leadership record last week, after JPM reported its first quarterly loss of his tenure — all due to the bank’s spending on legal fees and legal settlements.)

Who does matter on the issue of Dimon’s performance? Leaving aside that Sorkin doesn’t name any regulators who have weighed in recently on whether Dimon should stay or go, investors, analysts and board members are certainly not the only stakeholders who count.

Indeed, defining people directly involved in a company or the financial markets as the only stakeholders who matter is a peculiarly cramped way of thinking about a corporation’s role in society, especially given the financial and legal benefits that go along with a corporate charter in the U.S. All society has a stake in corporate integrity, and that’s where the questions about Dimon’s leadership are focused.”


Read full LA Times article here

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