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JPMorgan shareholders approve CEO's pay, chairmanship

May 15, 2012 12:00:00 AM PDT
The CEO of JPMorgan Chase, the U.S.'s largest bank, earned shareholder endorsement of his $23 million pay package and will keep the title of chairman of the board.

CEO Jamie Dimon won the votes at JPMorgan's annual gathering on Tuesday. Most ballots were cast before Thursday, when the bank disclosed a $2 billion trading loss. Dimon called the blunder "a terrible mistake" and said it was "self-inflicted."

Dimon's pay package passed with 91 percent of the vote. The vote to strip him of the chairman's title won only 40 percent support.

Shareholders have seen the company's stock decline by more than 14 percent over the previous five trading sessions.

The Associated Press contributed to this report.


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