JP Morgan's CEO will meet with shareholders
POSTED: Tuesday, May 15, 2012 - 8:00am
UPDATED: Tuesday, May 15, 2012 - 8:02am
NBC NATIOANL NEWS — Financial experts say Jamie Dimon is unlikely to lose his job because - despite this massive loss - he's considered a near genius on Wall Street, and investors may not be willing to deal with the fallout without him.
Today, JP Morgan chase CEO Jamie Dimon faces shareholders for the first time since admitting risky hedging led to a two billion dollar loss.
"We're still going to earn a lot of money this quarter, so it isn't like the company is jeopardized," said JP Morgan Chairman & CEO Jamie Dimon.
But his job could be. On today's agenda - whether to split the company's chairman and CEO. Right now Dimon holds both positions.
Elizabeth warren - a Massachusetts senate candidate who designed the consumer financial protection bureau - says Dimon should give up his board seat at New York's federal reserve.
"This is about accountability. At some point you just have to be accountable. And you have to say, you don't get to be in a position of public trust when you're engaging in practices that you yourself describe as sloppy and stupid," said Senate Candidate Elizabeth Warren.
The bank has lost over 12% of its value in just five days. But analysts say it'll survive.
"It's like one, one thousandth of the value of this bank is two billion dollars. It doesn't mean a thing. They're gonna earn something like 15 to 20 billion dollars this year," said Peter Wallison of the American Enterprise Institute.
On the view President Obama emphasized this time, taxpayers were not left holding the bag.
"You could have a bank that isn't as strong, isn't as profitable making those same bets and we might have had to step in. And that's exactly why Wall Street reform is so important," said President Obama.