JPMorgan's Dimon to face shareholders

JPMorgan's Dimon faces shareholders after disclosing stunning $2 billion loss

Associated Press

TAMPA, Fla. (AP) -- JPMorgan Chase CEO Jamie Dimon is facing shareholders five days after disclosing a $2 billion trading loss.

Dimon will speak Tuesday morning at the bank's annual meeting in Tampa, Fla.

Shareholders will vote on whether to separate the bank's chairman and CEO positions, both held by Dimon. They will also vote their approval or disapproval of Dimon's $23 million pay package from last year.

Analysts say Dimon is unlikely to lose those votes.

Investors have pummeled JPMorgan's stock price since Dimon disclosed the trading loss on Thursday. The stock has dropped 12 percent and lost almost $20 billion in market value.

Dimon got something of a vote of confidence from President Barack Obama, who appeared on ABC's "The View" for an episode to be aired Tuesday. Obama used the appearance to press for tighter regulation of Wall Street.

"JPMorgan is one of the best-managed banks there is," the president said. "Jamie Dimon, the head of it, is one of the smartest banks we got, and they still lost $2 billion and counting."

Obama said the bank was "making bets" in the market for the complex financial instruments known as derivatives. Dimon has said the bank was hedging against financial risk.

A part of the 2010 financial overhaul known as the Volcker rule would restrict banks from some trading for their own profit. Dimon and critics of the financial industry have disagreed over whether the trading in question would violate that rule.

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