Great News!!! Angry JP Morgan shareholders seek to strip Jamie Dimon of chairmanship [View all]

[malaise]

http://www.guardian.co.uk/business/2013/may/19/jp-morgan-shareholders-revolt-jamie-dimon
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JP Morgan faces an angry shareholder revolt this week as investors attempt to strip boss Jamie Dimon of the chairmanship of the banking giant.

The revolt in the wake of last year's $6.2bn (£4bn) London Whale trading loss has been aggravated by a decision to cut off dissident shareholders' access to voting information ahead of the bank's annual meeting on Tuesday.

Last year a proposal to split Dimon's roles as chairman and chief executive gained 40% of the vote.

But that vote came before the magnitude of the incident was clear and ahead of regulatory and internal reports that have been highly critical of the failures of oversight at the bank.

A vote to strip Dimon of the chairman's job, while not binding, would be a heavy blow and there have been reports that he has considered resigning if he does not keep both titles.

Last year's vote was sponsored by the American Federation of State, County and Municipal Employees (AFSCME) pension fund.