JP Morgan's CEO to Stay
TAMPA, Fl.- It could have been a day of reckoning, but in the end, JP Morgan Chase shareholders voted to give CEO Jamie Dimon their vote of approval.
That means he can keep his $23 million pay package.
Five days after America's biggest bank lost $2 billion in a risky trade, Dimon went face to face with his shareholders at their annual meeting in Tampa on Tuesday.
Dimon took full responsibility for the costly mistake.
JP Morgan's chief investment officer, and one of the highest ranking women on wall street Ina Drew, resigned on Monday.
Her group was responsible for the $2 billion loss, betting on a complex financial transaction known as a derivative that didn't pay off.
Experts say the incident may result in tougher rules on financial institutions.
Dimon has been accused of working against tougher regulations, but said he is not opposed to better and smarter wall street rules.
- P.K. Yonge Administrators Face Questions in Wake of Molestation 'Incident'
- Secret Service Agents Reassigned After Incidents
- Florida's Law 'Stand Your Ground' is Here to Stay
- UF Cuts Trees For New Building, Promises To Replace Them
- GSA Executive Stays Silent
- US Unemployment Aid Applications Stay at 370,000
- Troops to Stay in Afghanistan Longer
- Charlie Ely's Murder Trial will Stay in Marion County
- Florida Justices Refuse to Stay Gore's Execution
- Murphy's (Rewritten) Law: Stay Focused, Win Championships