JPMorgan Chase & Co. (NYSE:JPM) shareholders will be able to vote tomorrow on whether Jamie Dimon will be able to continue being both the CEO and Chairman of the bank. However, the California Public Employees Retirement System, better known by some as Calpers, has voted ahead of tomorrow’s meeting, according to Bloomberg.
Will JPMorgan’s Dimon Be Out As Chairman?
The institutional investor voted for Dimon’s two roles to be split, casting votes for the almost 13 million of JPMorgan Chase & Co. (NYSE:JPM) it owns. In addition to voting to split Dimon’s roles, the investment firm also withheld its support for three of the bank’s risk committee.
Calpers chose not to support Honeywell International Inc. (NYSE:HON) CEO David Cote, American Museum of Natural History president Ellen Futter and Henry Crown & Co. president James Crown. The investment firm posted its decision on its website and said that “failures in risk oversight” were why it chose to withhold votes in favor of the three risk committee members.
Dimon’s dual positions and the positions of JPMorgan Chase & Co. (NYSE:JPM)’s risk committee are in question in the wake of the London Whale trading incident, which cost the bank billions of dollars in losses.
Some shareholders have already said they would vote in favor of Dimon keeping both the CEO and Chairman roles, while others have said they would vote against it. T. Rowe Price Associates Inc. said last week that it would vote against Dimon’s roles being split.
Insiders at JPMorgan Chase & Co. (NYSE:JPM) have taken both sides over the last week. Some have said they believe Dimon will manage to hang onto both roles, while others have said they believe that the bank will split the roles—at least after Dimon leaves. Some insiders have even gone so far as to say that there’s talk about who will be the bank’s next CEO.
Some analysts, like Dick Bove, believe Dimon will leave JPMorgan Chase & Co. (NYSE:JPM) completely if his two roles are separated.