NYT: JPM BOARD NOT HAPPY WITH HOW JAMIE HANDLED LONDON WHALE. DUH.
DealBook thinks it sees the beginnings of a boardroom revolt at JPMorgan:
[A] small fraction of the 11-member board is unhappy with Mr. Dimon, according to the people briefed on the board’s thinking. Those members fault the chief executive for relying on assurances from his deputies that trades were manageable. There is also concern about the bank’s relationship with its regulators.
A “small fraction”? I can’t imagine that anyone on the board-Jamie Dimon included-is thrilled with how he handled the whale thing. If he hadn’t made the tempest-in-a-teapot crack to begin with, none of this would likely even have had to be disclosed. That does not add up to a brewing insurrection. . . . P.S. The ongoing calls for splitting the CEO’s and chairman’s role at JPMorgan are basically feel-good governance kabuki hogwash. If there’s any evidence that such a move improves either shareholder returns or governance, I’ve yet to see it. Meanwhile, if John Liu thinks it’s a good idea, you can be sure it almost certainly is not. . .