JPMorgan Board Backs Dimon

    TAMPA, FL - MAY 15:  A security officer stands guard at the building where a JP Morgan Chase shareholders meeting was taking place on May 15, 2012 in Tampa, Florida. The annual meeting is being held after JPMorgan Chase, the largest US bank, last week disclosed a $2 billion-plus trading loss.  (Photo by Joe Raedle/Getty Images)

    Joe Raedle / Getty Images

    What $2 billion loss now? The board of directors at JPMorgan Chase said on Tuesday that they still had confidence in CEO and Chairman Jamie Dimon, despite a $2 billion trading loss that occurred on his watch. The 50-minute meeting focused mainly on mortgage lending and servicing, and Dimon was asked very little about the trading loss. Under questioning after the meeting, Dimon said he is not against new regulation—and suggested that cutting executive pay could be used to make up the $2 billion. Meanwhile, the Justice Department opened a criminal investigation into the loss.

    Read it at The Wall Street Journal