JP Morgan is sometimes called 'The House of Dimon' for the all encompassing presence of its CEO, Jamie Dimon. For years he has been unquestionably the most powerful banker in the United States, and as such, the de facto voice of Wall Street.
There’s a surprising degree of blogosphere acceptance of JP Morgan’s messaging on the shareholder vote today regarding whether to split the CEO and Chairman roles, that this result was a vote of confidence in his prowess as CEO.
Yet New York Magazine described the extent to which Dimon had to call in the big guns like Warren Buffett, Hank Paulson, and Michael Bloomberg to press his cause, and added:
JPMorgan Chase chief executive Jamie Dimon will face shareholders' wrath Tuesday after admitting that the top US bank lost $2 billion in derivatives trading in just six weeks.A day after JPMorgan let its chief investment officer go in the wake of the huge loss and the bank's shares took another sharp fall on the stock market, Dimon will head to Tampa, Florida to answer to investors at the bank's annual meeting.