No one’s the boss of Jamie.
JPMorgan Chase’s board yesterday voiced support for Jamie Dimon keeping his dual roles as CEO and chairman of the bank — despite last year’s embarrassing $6.2 billion “London Whale” trading loss that rocked the bank exec’s Wall St. reputation.
“The board has determined that the most effective leadership model for the firm currently is that Mr. Dimon serves as both,” the board, led by Lee Raymond, said in a public filing yesterday.
The board’s endorsement comes as major shareholders, including New York City Comptroller John Liu, and the American Federation of State, County and Municipal Employees have called for the bank to strip Dimon of his dual roles in the wake of the whale trading fiasco, citing lack of risk oversight.
Last Friday, Sen. Carl Levin’s Permanent Subcommittee on Investigations also held a lengthy hearing to discuss his findings in a 300-plus page report over the whale trade.
Earlier in the year, the board decided to punish Dimon by halving his pay of more than $20 million to $11.5 million in the wake of the trading blunder.