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JPMorgan Board Backs CEO Dimon as Chairman

JPMorgan Board Backs CEO Dimon as Chairman

PMorgan Chase’s (JPM) board said Jamie Dimon should remain both chairman and chief executive officer after it halved his pay for failing to properly supervise a unit that generated a record trading loss last year.

“The board has determined that the most effective leadership model for the firm currently is that Mr. Dimon serves as both,” the panel said Friday in a proxy filing, advising shareholders to reject a proposal to split the roles.

The bank paid three of Dimon’s top executives, Mary Erdoes, Daniel Pinto and Matthew Zames, more than him for 2012. It also clawed back more than $100 million from people it deemed responsible for the so-called London Whale trading loss.

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