JP Morgan board endorses Dimon to remain chairman, CEO

2013-03-22 22:53:42 GMT2013-03-23 06:53:42(Beijing Time)  Xinhua English

NEW YORK, March 22 (Xinhua) -- JP Morgan Chase's board of directors has endorsed Jamie Dimon to remain both chairman and chief executive officer of the bank, according to a regulatory filing released on Friday.

"The Board strongly endorsed the continued role of Jamie Dimon as both Chairman and CEO under the Board oversight structure led by our Presiding Director," cited the annual proxy statement.

There have been calls to separate the two roles at the largest U.S. bank by assets to strengthen oversight after the so-called " London Whale" trade in 2012 which brought losses of billions U.S. dollars for the bank.

The board said in the statement that the firm had performed strongly through the cycle since Dimon became Chairman and CEO, when many other financial institutions with independent Chairs experienced great difficulty.

Dimon's annual compensation has been cut in half for 2012 in the wake of losses in "London Whale" trades.

"The strength and independence of the Board's oversight has been well demonstrated by the actions taken and in process following the events that developed in the Chief Investment Office in 2012," the board added in the statement.

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