JPMorgan Chase CEO Showdown in Tampa
Today in Tampa, JPMorgan shareholders will get a first-hand explanation on the reported "trading error" that cost the country's largest bank $2 billion.
JPMorgan Chase CEO Jamie Dimon came to Tampa planning to talk about rebounding profits and expansion plans in Florida.
Instead, he’s facing Occupy Tampa protestors outside and upset investors inside today’s shareholder meeting.
National news media are lined up on the sidewalks outside the meeting place and police are providing tight security because demonstrators are expected.
A report in the Sarasota Herald Tribune says the annual shareholders meeting have become "colorful" since the 2008 financial crisis.
JPMorgan stock was down almost 2 percent on Monday, a much bigger decline than the broader market. It had already lost almost 10 percent of its value on Friday, the day after Dimon disclosed the trading mistake. On Monday, the executive responsible for trading strategy at JPMorgan Chase, one of the highest-ranking women in Wall Street, became the first casualty of the bank's stunning loss.
JPMorgan has been fighting increased financial regulations according to the Sarasota Herald Tribune. With this latest loss, Dimon has admitted holding off more oversight may be difficult.