Jamie Dimon No Longer Chairman Of JPM’s Primary Banking Subsidiary

Via WSJ,

 
 

James Dimon has relinquished his chairmanship of J.P. Morgan Chase & Co.’s main operating bank, according to public records and people familiar with the situation.

 

He shed the title on July 1, one of these people said. In a document made public Thursday, Mr. Dimon is listed as chairman emeritus of J.P. Morgan Chase Bank N.A., the deposit-taking subsidiary that operates branches in 23 states as well as several other countries.

 

 

The move doesn’t affect Mr. Dimon’s status as CEO or chairman of J.P. Morgan’s parent company board, a more powerful body that provides oversight of all company operations.

 

 

A J.P. Morgan spokesman said the governance change for one of J.P. Morgan’s largest subsidiarieswasn’t the result of outside pressure.

 

 

The deposit-taking subsidiary once chaired by Mr. Dimon last year had its confidential management rating downgraded from a 2 to a 3 on a scale of 5, a rare score for such a large institution, say people familiar with the move. Since January, that subsidiary’s primary regulator has issued public enforcement actions demanding changes to alleged risk-management, anti-money-laundering and debt-collection weaknesses. The bank is working to fix the problems identified by the orders.

 

The J.P. Morgan Chase spokesman said the change in Mr. Dimon’s title happened “solely to create a more uniform structure among our subsidiary boards.”

 

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