Labor union group seek to strip chairman role from J.P. Morganís Dimon
A group of labor unions are hoping to snag a London whale.
More specifically, a federation of labor union investors is seeking to have J.P. Morgan Chase name an independent chairman ó responding to the institutionís massive trading losses last year involving credit derivatives.
Such a move would remove J.P. Morganís CEO, Jamie Dimon, from his position as bank chairman.
The effort by the labor union is part of a larger endeavor by activist shareholders to have companies improve corporate governance at U.S. corporations by splitting the role of CEO and chairman. The federation, which includes the AFSCME Employees Pension Plan, has submitted a non-binding shareholder proposal on the subject for investors to consider at the big bankís 2013 annual meeting.