Move along now. We've already talked about this.
That was the message of JPMorgan's anticlimactic, abbreviated annual shareholder meeting at a company facility in Tampa, Florida. Anticipated as "shareholders' first chance to confront Jamie Dimon" following the revelation of a $2 billion loss in the bank's chief investment office, the meeting lasted for less than an hour and offered only a rehash of its chief executive officer's previous mea culpa.
The losses were still "stupid" and "self-inflicted," Dimon reiterated. And the bank, with its "fortress balance sheet," will take corrective action "as necessary."
Dimon's staid tone stood in contrast to his normally forceful opinions, and shareholders largely went along. As for the activists among them, the focus was more on mortgage servicing problems than on trading losses. When investors did raise the issue of the Volcker Rule and regulation, Dimon stuck to his low-key script.
"We are not against new regulation," he told the audience. "We supported 70-80% of Dodd-Frank. We all want better, stronger regulation that is based on facts and analysis."
Concerns about executive pay also fizzled. Most shareholder ballots were likely cast before then news of JPMorgan's losses was announced, but the vote wasn't a close call: 91.5% of shareholders supported the bank's executive compensation. A proposal to separate the positions of CEO and the chairman of the board of the directors failed, though it garnered 41%.