Also in this playlist...
This transcript is automatically generated
Breaking news Jamie -- winning a big one keeping both the CEO and chairman titles it.
JPMorgan Adam Shapiro is live in Tampa Florida with the latest on the shareholder vote.
And -- -- the -- -- this is the percentage of shareholders who voted for the split this year it was 32 point 2% that's the preliminary result last year it was 40%.
So is that a victory for Jamie -- what does this mean we're joined right now by Suzanne -- but she's a corporate governance consultant for the Connecticut retirement plan trust fund.
And she is here to talk about 32 point 2% -- scene for your cause which was to get a split CEO and chairman.
-- is like a defeat should we interpret it any other way.
Well I think if you look at the overall what's happened in the last couple months overall.
You see a very active discussion about the roles of the chair and the CEO which I think a lot of people have used that as one word -- CEO.
But the proponents the split say it's a conflict of interest that you cannot have an independent board.
There was a quote during the meeting.
The board can fire management management cannot fire the board the court.
You've got the idea.
Yeah do you weren't going forward there was a question about successor no successor to Jamie Dimon has been identified that in the future at this.
Will not happen and that a weaker person in a position to be that the bank.
-- I think there are going to be some changes I mean I think when you see those low of -- three of the director -- In this beating back 57% right for her for three of I think you -- -- you -- Lee Raymond saying they're going to be changes.
On the board I think this is all wrapped together.
In some changes coming up.
If I'm a shareholder JPMorgan Chase going forward.
And I expect the kind of record profits this bank is at its -- -- -- CEO.
In place already we're seeing revenue of getting squeezed it depending how you count first quarter was essentially flat year over year but when you -- in the loan loss provisions it was better.
Going forward is mr.
-- going to be able to perform as he hasn't.
As well as the Connecticut.
Pension from certainly hope he can.
You know -- -- pension funds rely on the strong performance of the company's -- -- -- And this is very important in this this is part of why -- oracle -- on this resolution because we would like very much.
To see Jamie Dimon focused on the CEO role.
Of running the bank and a highly complex environment.
Unprecedented challenges he's facing today.
And he has two jobs.
And we think there should be a very -- independent.
Lead to independent chairman.
Who can take that job.
So again and I said this at the meeting you know -- concerns us greatly that he is doing two jobs.
We would so much rather have them focused.
On and he said greatly talented man.
In a very complex industry in in a bank that has global significance.
Susanne -- thank you very much for joining us on Fox Business I thought back to you Dennis a couple of things that shareholders -- to keep in mind mr.
-- in -- -- again to future regulatory action against the bank this is something.
He put in his letter to shareholders a month and a half ago.
But he said it again that the consent orders that they've already had we -- the OCC that future regulatory action is coming and they should be prepared.
Back to Dennis.
Filter by section