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-- -- -- -- Well shares of JPMorgan this -- is on its hair hitting a 6 year high this morning.
Jamie -- -- is to lose his chairmanship.
Of the results of -- highly anticipated shareholder voter going to be announced tomorrow at the bank's annual meeting this is gonna be a very closely watched -- Tournament out his opinion on what we -- expenses like -- but they wrap pretty capital vice president of equity research and and -- -- -- before we start you know this is a stock that's up over 50% over the last year you would think that alone.
David -- keeping both jobs should -- in your opinion.
Yeah I definitely think he should keep both -- because you know basically.
You know you want to CEO who's gonna create wealth for you as a shareholder.
In this no question about the fact that he did that.
When he was at bank one and he did it began when he was -- -- JPMorgan when he took over JPMorgan.
You know he went through this financial crisis.
And the stock is actually up something like 20% from when he took over to what it is today one bank stocks in general -- down about 20% so.
He's he's done the job for the shareholder and therefore you would think this shareholder would be loyal to him and keep them in position.
What that there might be another reason that they shareholders are loyal.
-- to Jamie Dimon if you look at the seven out of the ten top.
Shareholders that are going to be voting tomorrow about 30% of the vote this is what's literally truly swing this vote tomorrow.
Many of these gentlemen they're all men.
Are both chairman and CEO of their own firm.
And then here's the list black rock band guard State Street Wellington FM -- as the top five against seven out of ten doesn't this and it just and of itself.
Mean that he's gonna keep us jobs.
-- really it is a pretty strong indicator that he will.
I think you know personally that they might be a 55 to 45 vote with him keeping -- job but I I don't think that.
You know after he will be assuming that I'm right and he wins.
That after he wins that everything goes back to normal I think that JPMorgan then comes out with a series of statements over the next few months.
In which they strengthen the position of Lee Raymond.
You know -- -- strong outside director that they offering new -- new if you will changes in the way.
The board of directors is going to operate with management.
That they talk about how communications will be.
Different and I think they also you know perhaps even put on a mission statement you know reinforcing the fact that the customer comes first so.
I think I think that there will be definite results of this vote even if he wins he thinks is not gonna go back to the way they were before.
He's been so criticized that could mean even in the first quarter -- net.
Income was up more than 30% -- was criticized because -- what's going on me.
And the accounting -- that a mortgage banking division I mean he just can't seem to get away from.
Critics why is -- such a target.
Well I mean yeah.
To say it's implicitly he's got a big -- and -- basically.
The policies of the United States government.
Related to the Dodd-Frank act and waded -- related to Basel III.
He's criticized very vigorously people in the press you know fought for not understanding.
His company properly so I think that.
He's he's been so good to put it in terms of his dealing with the government and the media that they they don't like them and they don't they want him out.
But the fact of the matter is if you look at JPMorgan.
You know there are only three companies in the United States that make more money than JPMorgan.
Two oil companies and apple does help bank in the world that makes more money than JPMorgan.
Except for the Chinese model is this company's superbly managed it's done a phenomenally.
Good job for its employees its customers and its shareholders.
He deserves to be their big mouth and.
Real quick you know I've ever heard a -- a ten year chart of JPMorgan Chase the performance is there with of course the volatility.
But if you compare the tenure performance -- JPMorgan vs a Bank of America even oil Wells Fargo even a city.
Who's the real winner here.
But I think that it's it's a pretty good horse race between Wells Fargo and JPMorgan.
Both companies are extremely well managed both companies have well defined strategies in -- led by people.
Who know where they're going you know how to get results but so you beat pretty pretty hard to give -- to one of the two companies.
Clearly both Citigroup and and Bank of America have been disasters in terms of the way they've been managed -- -- up until a couple years ago but.
You know the -- both of the -- JPMorgan Wells Fargo is a fabulous stuff.
Right yeah and Wada is based on the mortgage business but she -- being criticized about.
A -- of a -- thank you very much we shall see tomorrow what happens appreciated that.
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