TAMPA, Fla. — The CEO of JPMorgan Chase survived a shareholder push Tuesday to strip him of the title of chairman of the board, five days after he disclosed a $2 billion trading loss by the bank.

CEO Jamie Dimon also won a shareholder endorsement of his pay package from last year, which totaled $23 million, according to an Associated Press analysis of regulatory filings.

Dimon told shareholders at the JPMorgan annual meeting that the company’s mistakes were “self-inflicted.” Speaking with reporters later, he added: “The buck always stops with me.”

Most shareholder ballots were cast in the weeks before Dimon revealed the trading loss.

His pay package passed with 91 percent of the vote. The vote to strip him of the chairman’s title won only 40 percent support. The bank did not announce separate results from before and after the loss was revealed.

Dimon was confronted at the meeting by shareholders upset about the trading loss, which has rattled investor confidence in the bank and complicated JP-Morgan’s efforts to fight tougher regulation of Wall Street.

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Investors had heard Dimon apologize before for the foreclosure crisis and other problems, said the Rev. Seamus Finn, representing shareholders from the Catholic organization Missionary Oblates of Mary Immaculate.

“We heard the same refrain: ‘We have learned from our mistakes. This will never be allowed to happen again,’” Finn said. “I can’t help wondering if you are listening.”

Lisa Lindsley, director of capital strategies for an influential union of public employees that is also a major JPMorgan shareholder, said independent board leadership was in shareholders’ best interest.

“An all-powerful CEO is his own boss,” she said. “Looking for an infallible CEO is a fool’s errand.”

About one in five Standard & Poor’s 500 companies separate the jobs of chairman and CEO.

Supporters argue that an independent chairman can provide a check on the CEO’s power.

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In JPMorgan’s case, the move to separate the jobs was put on the ballot before the $2 billion loss was unearthed. It was also on the 2011 ballot but received far less support then, 12 percent.

While the meeting took place, JPMorgan stock climbed for the first time since the trading loss was revealed. It had fallen from $40.74 last Thursday to $35.79 after Monday’s trading, but bounced back to $36.24 Tuesday.

A law enforcement official said that the FBI’s New York office is heading a preliminary inquiry by the Justice Department into the JPMorgan loss. The official, who was not authorized to speak about the decision, spoke on condition of anonymity.

 


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