This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Jamie Dimon Gives Up Chairman Title of Bank Subsidiary

NEW YORK ( TheStreet) -- JPMorgan Chase (JPM - Get Report) Chairman and CEO Jamie Dimon has given up his title of chairman of the company's main banking subsidiary, according to a filing with regulators made public on Thursday.

Dimon is listed as chairman emeritus of JPMorgan Chase Bank N.A. in the public portion of the "living will" submitted to the Federal Reserve and the Federal Deposit Insurance Corp. Living wills describe how the banks are to be wound down in the event of a crisis.

According to a Reuters report , Dimon gave up the role to comply with a new internal policy on holding multiple roles.

Under the new policy, the holding company's chairman also should not serve as chairman of the subsidiary.

Dimon relinquished his title to board member William Weldon on July 1, according to the report, which citing a bank spokesperson.

Dimon's dual role as chairman and CEO of the bank came under scrutiny earlier this year, with shareholder activists demanding that the bank appoint an independent chairman to its board.

Still, shareholders voted in favor of Dimon keeping both his roles. Since then the bank has taken steps to boost its corporate governance, including shaking up its board .

The bank, however, is facing multiple legal challenges. Last month, it paid $920 million to settle charges of inadequate controls after its London office racked up more than $6 billion in losses from derivative trades.

JPMorgan is now in talks with the Department of Justice and other regulators to settle charges related to mortgage-backed securities sold in the run-up to the bust. Reports suggest that the settlement could be as high as $11 billion, with the DOJ also looking to extract an admission of wrongdoing.

Some critics are beginning to question whether Dimon should continue as CEO if the bank winds up paying the record fine, though supporters argue that the bank has managed to deliver strong returns to shareholders despite its legal woes.

Shares of JPMorgan were up 0.5% at $52.20 early Friday.

-- Written by Shanthi Bharatwaj in New York.

>Contact by Email.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
JPM $61.97 0.32%
AAPL $129.36 0.21%
FB $79.60 -0.19%
GOOG $573.64 0.40%
TSLA $199.56 1.13%

Markets

DOW 18,203.37 -85.26 -0.47%
S&P 500 2,107.78 -9.61 -0.45%
NASDAQ 4,979.9010 -28.1950 -0.56%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs