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JPMorgan CEO Jamie Dimon Faces Crucial Vote

Tuesday, May 21, 2013

JPMorgan's Jamie Dimon faces the results of a crucial vote later this morning that could cost him his chairmanship.

Shareholders are considering a non-binding proposal that would split those two roles at the nation's largest bank.

The vote comes after the bank lost $6 billion in the “London Whale” trading debacle last year and in the midst of multiple federal investigations.

The California Public Employee’s Retirement System already voted in favor of the proposal citing the need for the board to “exercise stronger oversight and management.”

But the chairman and chief investment officer of T. Rowe Price, which has the seventh largest stake in JP Morgan, has publicly supported keeping Dimon in both positions.

An announcement is expected at the company's annual shareholders meeting in Tampa, Florida.

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