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Investors seek to split JPMorgan CEO, chairman

Published on NewsOK Modified: February 20, 2013 at 5:58 pm •  Published: February 20, 2013
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JPMorgan emerged from the financial crisis as one of the strongest banks in the country, a winner in a meltdown that forced other banks to their knees. Its blockbuster fourth-quarter earnings, released last month, are expected to make it the most profitable U.S. bank of 2012.

Dimon himself is one of the best known, and most outspoken, banking leaders of his generation, even in a time of heightened scrutiny and public anger against the industry. He has spoken out against many new regulations, including some that critics say could have prevented the trading loss.

JPMorgan announced in January that it will cut Dimon's pay by more than half, to $11.5 million from $23 million. But the board also praised Dimon for his response to the trading loss.

The coalition vehemently disagrees and wants more oversight.

"Even a Master of the Universe can be swallowed by a London Whale. We need a system of checks and balances to protect shareholders," AFSCME President Lee Saunders, who also serves as the Chair of the AFSCME Employees Pension Plan's Pension Committee, said in a statement.

The American Federation of State, County and Municipal Employees holds nearly 79 million shares of JPMorgan and was a supporter of last year's proposal for an independent chairman at Chase.

JPMorgan Chase shares fell 84 cents to close at $48.61 . The stock price has risen more than 50 percent since last May.