Dick Bove: JPMorgan Should ‘Definitely’ Split Role of Chairman and CEO

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Dick Bove: JPMorgan Should ‘Definitely’ Split Role of Chairman and CEO
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Dick Bove: JPMorgan Should 'Definitely' Split Role of Chairman and CEO

Dick Bove, Rafferty Capital bank analyst spoke with FOX Business Network’s (FBN) Melissa Francis about the separation of the chairman and CEO roles at big banks. When asked whether he thinks the roles of chairman and CEO within JPMorgan Chase should be broken up, Dick Bove said, “I think they should definitely be broken up. I don’t agree that the chairman and CEO should be the same person.” He went on to say that even though he thinks JPMorgan Chase & Co. (NYSE:JPM) Chairman and CEO Jamie Dimon is “close to being the best manager of a bank in the United States,” he doesn’t believe Dimon “should have both roles of chairman and CEO.”

Excerpts from the report are below.

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On whether he thinks the roles of chairman and CEO within JPMorgan Chase should be broken up:

“I think they should definitely be broken up. I don’t agree that the chairman and CEO should be the same person and even though I think [JPMorgan Chase Chairman and CEO] Jamie Dimon is probably the best manager, or close to being the best manager of a bank in the United States, I don’t believe he should have both roles of chairman and CEO. I think there has to be regulation of banks both internally which is supposedly the Board of Directors and externally which is all of these agencies that went to sleep before 2008 and didn’t do their jobs.”

 

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