|Lee Raymond will be JPMorgans lead director. But theres no doubt Jamie Dimon is still to be master of his board and bank|
Now news is leaking out that JPMorgan will create a position of lead director of the board to give a sense of counterbalance to Dimons pre-eminence. This new role will be held by, former Exxon Mobil chief executive Lee Raymond, who is currently the banks presiding director. Might this be a case of much ado about nothing as the same person will essentially be doing the same job but with a different, and more grandiose, job title? Nevertheless, I am pleased that Ellen Futter and David Cote are resigning from the JPMorgan board after big minority votes were registered against their re-election at the annual general meeting. I would highlight this as a small but important step in the right direction and a modest victory for shareholders and the Abigail with attitude column.