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Thursday, Oct 3
Dimon out as chairman of JPMorgan's main bank unit
- He stepped down as chairman of the unit which runs JPMorgan's (JPM) deposit and consumer banking operations on July 1, according to a source. Taking the post in his place was bank board member William Weldon.
- Dimon remains Chairman and CEO of the parent company.
- Bank sources say Dimon gave up the title because attorneys recommended it for "technical reasons," and not due to pressure from regulators and investors. The bank unit, however, had its "management effectiveness" rating downgraded in summer 2012 by the OCC, which cited "lax governance and oversight in the chief investment office." Management effectiveness is one of six components in the so-called Camels rating - a confidential measure used by the OCC to gauge banks' safety and soundness.