JPMorgan CEO Dimon Buys $2.05 Million Office In Manhattan

JPMorgan CEO Dimon Buys $2.05 Million Office In Manhattan
By World Economic Forum (Flickr: The Global Financial Context: James Dimon) [CC BY-SA 2.0], via Wikimedia Commons

JPMorgan Chase & Co. (NYSE:JPM) chairman and CEO Jamie Dimon has acquired an office for $2.05 million in Manhattan. The office property is in the base of his apartment building, reports Bloomberg.

The purchase of the 1185 Park Ave. property was completed on March 22, the New York City Department of Finance made the records public today.

JPMorgan CEO Dimon Buys $2.05 Million Office In Manhattan

Dimon bought the commercial co-op unit from Stephen Marks and George Ellis, cardiologists. The unit is located between 93rd and 94th streets. There are 11 units on the ground floor of the building. Oshrat Carmiel of Bloomberg tried to contact Daniela Kunen, the broker who listed the property for sale, but didn’t get a response.

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The 2,577-square-foot unit has a maintenance charge of $6,663 per month. The office property, which was put on sale in October 2012 for $2.4 million, has 12 rooms and two and-a-half baths. Jamie and Judy Dimon bought their residential apartment on 16th floor of the same building for $4.88 million in November 2004.

JPMorgan Chase & Co. (NYSE:JPM) cut Dimon’s 2012 pay by 50 percent after an internal review found him partially responsible for the London Whale trades where the bank lost more than $6.2 billion. The internal review also praised Jamie Dimon’s leadership for the performance of the largest U.S. bank. JPMorgan Chase & Co. (NYSE:JPM) earned $21.3 billion profit in 2012.

However, many of the company shareholders are considering splitting the roles of chairman and CEO. In fact, many a times shareholders asked Dimon to give up the chairmanship after the risk control lapses were disclosed last year. In March, JPMorgan Chase & Co. (NYSE:JPM)’s board asked investors to vote against appointing a separate chairman, arguing that Dimon’s dual responsibility is the most effective leadership for the bank.

Analysts believe that if investors appoint a separate chairman, they risk losing Jamie Dimon as chief executive officer. Because then Dimon may decide to move on, and if that happens, JPMorgan Chase & Co. (NYSE:JPM) will find it really hard to get a CEO as capable as Dimon.

JPMorgan Chase & Co. (NYSE:JPM) shares closed session at $48.57, up 1.38 percent.

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