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Jamie Dimon’s power struggle is a watershed moment for Wall Street

Published: May 18, 2013
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Source: The Telegraph

Not long after Jamie Dimon met his wife, she threw a party. The chairman and chief executive of JP Morgan went along, but part way through the evening he told her, “I’m going home and I want you to go with me”. She might still have been busy as hostess, but she liked him enough that she did.

Now Dimon is playing a similar trick with investors.

Next Tuesday, the charismatic banking chief will meet shareholders at the company’s annual general meeting in Florida. Sunshine State though it might be, a storm is brewing over whether he should be stripped of part of his power. A sizable faction of investors want JP Morgan to appoint an independent chairman in the wake of the London Whale scandal, which put an indelible blot on Dimon’s otherwise pretty pristine record, and a $6.2bn hole in the bank’s balance sheet.

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