NEW YORK — JPMorgan Chase & Co.'s Jamie Dimon held on to both the chairman and chief executive jobs despite a shareholder proposal to split the role's at the nation's biggest bank.
Shareholders rejected the recommendation during the bank's annual shareholders meeting, which clocked in at a little more than three hours on Tuesday. The proposal was backed by pension fund giant Calpers, and was backed by 33.9% of JPMorgan Chase's shareholders.
The meeting, attended by more than 400 shareholders and executives at the bank, was free of any controversial votes despite the dozens of shareholders that lined up to speak. The shareholders did everything from railing against the bank's lending practices, the way it discloses derivatives, and a volley of comments about the performance of Dimon himself.
Outside One Chase Manhattan Plaza in downtown Manhattan, at least 300 protesters gathered to call attention to what they feel are bad mortgage practices at the bank. Dozens of uniformed and plain clothes police officers were also at the scene.
Dimon also reaffirmed Tuesday that he believes the bank will eventually raise its dividend to pay out 30% to 40% of earnings. He said any decision to raise the dividend depends on an improvement in the nation's unemployment rate, an improving ability of consumers to meet their debt payments and decisions from regulators about how much capital banks should have.
JPMorgan currently pays out 6.14% of its earnings in dividends, according to Morningstar Inc. The bank joined others in slashing its dividend during the financial crisis to conserve capital. With the U.S. economy showing signs of improving, investors have been listening closely for signs of when banks will raise their dividends.