Calls grow for Dimon to ditch one of his roles at JP Morgan
Nikhil Kumar is The Independent's New York correspondent. He was formerly assistant editor on the foreign desk and has also done a variety of jobs on the city desk, where he wrote about markets, commodities and other business and economics topics.
Tuesday 07 May 2013
A second shareholder advisory firm has said that investors in JP Morgan should vote for a non-binding proposal to split Jamie Dimon's responsibilities and appoint an independent chairman.
Glass, Lewis & Co weighed in ahead of the bank's annual meeting on 21 May. ISS Proxy Advisor Services issued a similar report last week, seeking backing for the proposal to strip Mr Dimon, who is both chairman and chief executive of the American bank, of one of his jobs.
The calls follow the giant $6bn-plus London Whale trading loss that led to public and regulatory scrutiny of the firm. Glass, Lewis said shareholders should endorse the non-binding proposal. It also recommended that investors opt against re-election six of the 11 directors on the bank's board.
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