The Phaserl


Jamie Dimon should step down as JP Morgan chairman, says Glass Lewis

Pressure is mounting on JP Morgan chief Jamie Dimon to surrender some of his power at the bank, after shareholder advisory group Glass Lewis called for his dual role as chairman and chief executive to be split.

by Katherine Rushton, The Telegraph:

Glass Lewis has called for an independent chairman to be appointed, and advised shareholders to vote out those directors who oversaw the “London Whale” scandal, at the bank’s annual general meeting in a fortnight.

In doing so, it joins Institutional Shareholder Services (ISS), another influential shareholder advisory firm, which routinely calls for the chairman and chief executive roles to be separated at JP Morgan.

ISS has gathered support for its position after the bank revealed it had lost $6.2bn through risky derivatives trades at its London division, including those carried out by Bruno Iskil, the banker nicknamed the “London Whale” because of the enormity of the bets he made.

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