Jamie Dimon steps down as JP Morgan chairman
JP Morgan's chief executive officer Jamie Dimon has stepped down as chairman of the company's main bank subsidiary to conform with a new internal policy on multiple roles.
Dimon will be replaced as chairman by former Johnson & Johnson chief executive William Weldon; Dimon will be referred to as "chairman emeritus".
Following the London Whale scandal last year, which lost the bank billions, Dimon has been watched closely by regulators. In May, a protest vote threatened to strip him of his chairman role. His giving up of the position comes as JP Morgan is expected to stand trial for allegedly obstructing regulators in a wider probe of a purchase made by Monte dei Paschi.