Belfast Telegraph

JP Morgan chief faces bid to split lead role

Jamie Dimon faces a challenge to his iron grip on JP Morgan Chase when shareholders vote on whether to split his role as chairman and chief executive just days after the bank stunned Wall Street with a $2bn (£1.2bn) trading loss.

The Wall Street bank's shock loss will have increased the determination of those investors backing a proposal to split the roles that was tabled earlier this year and that will be voted on at the bank's annual shareholder meeting in Tampa, Florida.

The California Public Employees' Retirement System (Calpers), one of the biggest pension funds in the US, said it will be backing calls to split the roles.

"If the chairman was independent, the board may be able to exercise stronger oversight of management," Calpers said.

Having built a stellar reputation for his ability to manage risk and his attention to the details of the bank's operations, Mr Dimon will be under intense pressure to explain to shareholders how the bank lost $2bn and who will be held accountable.