JPMorgan CEO not buying more banks

Jamie Dimon, CEO of JPMorgan Chase & Co, stated that it is “unlikely” for the bank to acquire any other struggling lenders, following their recent acquisition of First Republic Bank. Speaking at the bank’s annual shareholder meeting, Dimon expressed that the integration of First Republic will contribute to their wealth and other initiatives. The acquisition of First Republic Bank was supported by the U.S. government and involved taking over a majority of its assets, including loans, securities, and deposits.

Dimon reaffirmed his confidence in the financial stability of the regional banking system and emphasized that recent changes in regulatory requirements would not have prevented the collapse of three U.S. banks. During the shareholder meeting, management proposals were approved, while motions submitted by shareholders failed to gain support. However, several shareholder proposals garnered more than 30% of votes, signaling shareholder concern.

One notable proposal called for an independent board chair, receiving the highest number of votes. The separation of chair and CEO roles has been a contentious issue in corporate governance, with varying views on whether separate roles lead to better performance. Another proposal focused on adjusting the rules for shareholders to call for a special shareholder meeting, also gaining more than 30% support. Additionally, a proposal requesting the bank to publish a transition plan aligning its financing activities with 2030 greenhouse gas emissions reduction targets received substantial backing.

The outcome of the shareholder meeting highlights shareholder interest in corporate governance matters and environmental considerations within the banking sector.