Morgan Stanley's CEO activated his 'retirement mode' on four separate occasions
JPMorgan Chase CEO Jamie Dimon Criticizes Proxy Advisers and Defends Fossil Fuel Stance
In a notable move, Jamie Dimon, the CEO of JPMorgan Chase, has once again shown his candid approach by railing against institutional investors who vote based on recommendations from proxy advisers such as Glass Lewis and Institutional Shareholder Services. This outspokenness is not new for Dimon, who has been known for his unfiltered talk throughout his tenure.
Meanwhile, in a separate development, Dimon has regained his title as banking's top-paid CEO. The news comes as James Gorman, CEO of Morgan Stanley, announced his plans to step down from his top post in the next year.
Gorman's departure from Morgan Stanley, a public company that must report every three months according to Securities and Exchange Commission rules, will not lead to a change in the reporting frequency. However, Gorman has called in-person shareholder meetings 'an enormous waste of time and money' and has no plans to resume these meetings when he becomes the bank's executive chair.
In his farewell address, Gorman predicted that Morgan Stanley could surpass $20 trillion in assets under management under its next CEO. However, there is no available information on who will succeed Gorman or when this plan will be implemented.
At the same conference where Dimon criticized proxy advisers, he also blasted lawmakers who labeled him as 'woke' because of JPMorgan's step-back in financing fossil-fuel companies and firearms manufacturers. Dimon defended his bank's stance, arguing that it is important for JPMorgan to align with the values of its customers and society at large.
In contrast to JPMorgan, Morgan Stanley has maintained its financing of fossil-fuel companies. Despite this, Gorman's departure from the top post could signal a shift in the bank's stance on environmental, social, and governance (ESG) issues. Only time will tell how the next CEO of Morgan Stanley will approach these issues and whether they will continue Gorman's legacy or forge a new path.
As for Dimon, his unfiltered talk and bold stance on ESG issues have once again put him in the spotlight. It remains to be seen how these developments will impact JPMorgan and the broader financial industry in the coming years.
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