Business, Economics and Jobs

FBI opens probe into JPMorgan, shareholders back CEO Jamie Dimon


JPMorgan Chase & Co. chairman and CEO Jamie Dimon looks on while speaking at Simon Graduate School of Business at the University of Rochester's New York City Conference on May 3, 2012 in New York City. The bank's CIO Ina Drew retired on Monday in the wake of the $2.3 million dollar losses announced last week.


Mario Tama

The FBI opened a probe into JPMorgan Chase's recent $2 billion loss, after the Securities and Exchange Commission and the Federal Reserve said they were looking into the issue, Reuters reported.

Bloomberg reported in addition to federal regulators, the Justice Department is also opening a criminal probe, as concerns grow in Washington about regulating the banking industry.

Despite the massive loss, CEO Jamie Dimon got the backing of shareholders at the bank's annual meeting in Tampa, Florida, who for the most part gave him a pass but want those responsible to face disciplinary action.

CBS MarketWatch reported he survived a vote that would have separated his chief executive and chairman roles, replacing Dimon on the board with an independent director. As a result he will keep both of his jobs.

Dimon said on May 10 the bank made “egregious” mistakes.

More from GlobalPost: Ina Drew, JPMorgan CIO, to retire over $2.3 billion trading losses

"We will do the right thing. That may well include clawbacks," Dimon told reporters after the annual meeting.

Ina Drew, chief investment officer for JPMorgan Chase, announced her retirement on Monday, the New York Times reported.

Also expected to leave are Achilles Macris, the head of the London CIO office, trader Javier Martin-Artajo and likely trader Bruno Michel Iksil, named the London Whale, according to the Wall Street Journal.

More from GlobalPost: Obama weighs in on JPMorgan's $2B loss

JPMorgan shares were up 3.4 percent to $36.99 in afternoon trade. The stock is down more than 9 percent since the trading losses were disclosed, Reuters wrote.