The head of JPMorgan Chase escaped punishment for billions in losses

As the Associated Press retirement Jamie Dimon, CEO of the bank JPMorgan Chase, will not, because 60% of shareholders voted against. The dismissal was caused by the loss of more than $ 2 billion, in spite of this, only 40% of shareholders have expressed uphold the dismissal.

Moreover 91 shareholders decided that CEO bonuses to be paid in full. In this case, the banker receives from JPMorgan in the last year to 23 million dollars. CEO spoke at the meeting, apologized to shareholders with a promise not to repeat many of these errors, and also described the situation and measures taken to eliminate it. Of incurred losses banker said on May 11, the losses were due to the wrong policies of hedging risks in the market of financial instruments.

In April, the trend in the market has changed and the planned restoration of the bank did not happen. The Wall Street Journal suggested losses could be greater in the U.S. 4 billion. Investigation risky bets in the derivatives market held by the Ministry of Justice and the FBI. There have also been laid off top — managers responsible for damages JPMorgan. In his speech on May 15, U.S. President stressed the need to reform the banking system.

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