Jamie Dimon's Win Was Actually Massive

Business Insider

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Jamie Dimon

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The word on the Street was that Jamie Dimon would be facing the fight of his life to keep his dual position as Chairman and CEO of JP Morgan.

Last year, when this proposal came up 40% of shareholders voted to split Dimon's role, and observers thought it would gain even more support this year. This time around, proxy advisors voiced their for the split, as did major shareholders like CalPers and the NYC Comptrollers Office.

But in fact, Jamie Dimon won handily. Only 32.2% of shareholders voted in favor of splitting the roles.

Some board members on the risk committee got low approval ratings — the lowest was 53% — but other than that, it was smooth sailing for Jamie's team.

And that's the problem, according to the CalPers spokesperson who spoke on CNBC directly after the results were announced. The vote turned in to a referendum on Jamie Dimon, and, as she said "It's not actually about him it's about the board."

It's possible the Dimon's threat to go nuclear and leave the bank if he didn't win moved major shareholders in his favor — not pretty, but a win is a win.



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