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Receiving Wide Coverage ...Lobbying for Dimon's Dual Role: JPMorgan Chase board members certainly support Jamie Dimon as bank CEO and chairman. Now, they're working hard to ensure shareholders feel the same way ahead of a vote on a nonbinding proposal to take away Dimon's chairman title. The proposal, which has been voted on by shareholders before, is expected to get more support this year due to the continued fallout from the London Whale trading debacle and concerns over succession planning. Per a representative for one activist shareholder group quoted by the Journal, "I can't think of another company where independent board leadership would be a more useful correction for CEO hubris." But other shareholders believe splitting the roles could create more problems than it solves, reports Dealbook. Those interested in the general debate around having the same CEO and chairman should check out this American Banker video.
April 8 -
JPMorgan Chase (JPM) is rallying major holders of its stock to let Jamie Dimon keep his board chairmanship, the Wall Street Journal reported Friday.
April 5 -
William Harrison, former chairman and CEO of JPMorgan Chase, is "very happy" with the bank's current position and confident the fallout from its London Whale trading losses will blow over.
March 27
Jamie Dimon, chairman and chief executive officer of JPMorgan Chase (JPM), bought a commercial co-op unit in the base of his Manhattan apartment building for $2.05 million.
Dimon, 57, and his wife, Judy, completed the purchase of the property at 1185 Park Ave. on March 22, according to records made public today by the New York City Department of Finance. The couple own a 16th-floor residence in the building.
The sellers of the commercial co-op were listed as Stephen Marks and George Ellis, cardiologists whose practice was located at the address. The unit is one of 11 on the ground floor of the building, located between 93rd and 94th Streets.
"They're professional offices" said Jonathan Miller, president of New York-based appraiser Miller Samuel Inc. "Most of the time it's a doctor, a psychologist, any type of medical practice. It's not uncommon for it to be a place to write a book, or just a place to work, or have a private office."
Miller's firm has appraised other ground-floor offices in the building. He wasn't involved in Dimon's deal.
Daniela Kunen, a broker with Douglas Elliman Real Estate who listed the property for sale, didn't immediately return a telephone message seeking comment on the deal. Mark Kornblau, a JPMorgan spokesman, declined to comment.
Maintenance is $6,663 a month for the 2,577-square-foot (239-square-meter) unit, which has 12 rooms and two half-baths. It was put on the market in October for $2.4 million, according to the listing.
The Dimons bought their apartment in the building in November 2004 for $4.88 million, according to public records.
Dimon's pay for 2012 was cut in half by JPMorgan's board after an internal review found him partly responsible for a series of botched trades on credit derivatives that lost the bank more than $6.2 billion.
The review also credited his leadership for the lender's performance. JPMorgan, the largest U.S. bank by assets, reported a third straight year of record profits in 2012 with $21.3 billion in net income.
