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Business

JP Morgan Chase & Co. (NYSE:JPM) Stock To Decline

May 14, 2013 by Kalie Christopher in Business with 0 Comments

Northern, WI 05/14/2013 (tradewatchmedia) – The share price of leading lender, JP Morgan Chase & Co. (NYSE:JPM) (Closed: $49.67, Up by 1.45%) is all set to decline with its chief about to step down from chairing the board of directors. JP Morgan Chase & Co. (NYSE:JPM) is to go for voting from its shareholders to strip down the Chairman

Jamie Dimon – The CEO
The present Chief Executive Officer, Jamie Dimon is the top ranked banker among large bank CEOs. JP Morgan Chase & Co. (NYSE:JPM) had not yet made any attempts to find a successor to this post. The bank had scheduled a voting on May 21 to decide on the position of Jamie Dimon.

If the voting results in drop of Jamie Dimon as Chief Executive Officer of JP Morgan Chase & Co. (NYSE:JPM), then the bank would be left without anyone to head the operations in the near future. Such an absence and uncertainty at the echelons of the largest lending firm would result in high level of pessimism among the investors.

Shares to decline
In line with these developments, the share prices of JP Morgan Chase & Co. (NYSE:JPM) dropped by 0.2 percent to reach $48.85 per share. The bank had managed to gain 11 percent this year relative to the 14 percent gain in the 24 company KBW Bank Index. However, if JP Morgan Chase & Co. (NYSE:JPM) faces the stepping down of Jamie Dimon as the Chief Executive Officer, then the shares are set to decline by 10 percent to lose $20 billion.

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About Kalie Christopher

Kalie Christopher received the "Best Newscast" Award and was a runner-up for "Anchor of the Year" during her time in Arizona. Her favorite charitable causes include The Childhood Cancer Foundation and the "Save The Music" program. Kalie was named a finalist for the Michael Kelly Award. During her nearly two decades of editorial experience, Kalie has covered a variety of topics including small business, health, personal finance, advertising, workplace issues and consumer behavior.

View all posts by Kalie Christopher →

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