JPMorgan CEO faces shareholders at annual meeting

Amy Scott May 15, 2012

David Brancaccio: The CEO of JPMorgan Chase is in the spotlight for another day. Jamie Dimon is facing shareholders at the bank’s annual meeting in Tampa. It’s a good bet there will be some tough questions about the $2 billion the bank lost on some big bets that turned bad.

Marketplace’s Amy Scott has more.

Amy Scott: Bank shareholder meetings can be raucous affairs, with activists protesting foreclosures and investors pressing management changes.

Analyst and JPMorgan shareholder Gary Townsend says news of the bank’s trading losses will only make things harder for CEO Jamie Dimon.

Gary Townsend: What was announced last week has provided a bit of tarnish to his reputation, and of course there will be those that try to take advantage of that.

Townsend doesn’t expect Dimon’s job to be in jeopardy.

But banking analyst Nancy Bush says she hopes shareholders will press for more information about what Dimon knew about the bank’s risky trading and when.

Nancy Bush: We need to see bank shareholders come out of their coma and start demanding answers of these CEOs.

Shareholders will vote on executive pay packages at the bank-including Dimon’s. But Bush says most shareholders voted before the trading scandal.

I’m Amy Scott for Marketplace.

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