Calls grow to split roles at Morgan

The meeting, at the bank’s office complex in Tampa, Florida, gave investors their first crack at Mr Dimon, who is also JPMorgan’s chairman, since he revealed a soured hedging strategy had cost at least $2bn (£1.2bn).

The California Public Employees’ Retirement System, the largest pension fund in the United States, led calls to strip Mr Dimon of the chairmanship in a move it said would probably lead to better risk controls.

“CalPERS believes if the chairman was independent the board may be able to exercise stronger oversight of management,” the organisation said.

The group, which owns around $565m of JPMorgan stock, said it would support executive compensation proposals, but warned it would “closely review” the effects of the trading losses when analysing the 2013 say-on-pay vote.

The two leading proxy advisory firms – ISS and Glass, Lewis – are already backing the non-binding proposal calling for a split of the jobs of chairman and CEO.

JPMorgan faced a barrage of questions about what Dimon knew.

The shake-up from those trades started Monday, as the company’s chief investment officer retired.

The company now faces calls from some quarters for a ‘clawback’ from departed executives who were responsible for the trades, including the retired CIO, Ina Drew.