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Obama’s ‘favourite banker’ took a beating this week after the firm’s name was dragged through the mud following $2bn of trading losses. Dimon faced criticism from investors who argued that he should end his dual role as chairman and chief executive of the bank, but the majority of shareholders overruled the proposal at the bank’s quickfire AGM in Tampa, Florida. Dimon appeared contrite after earlier bullishness, labelling the errors the result of a “new strategy (that) was flawed, complex, poorly reviewed, poorly executed, and poorly monitored,” according to remarks recorded by Reuters. The fallout from JP Morgan’s $2bn trading meltdown this week claimed the career of Ina Drew, who ran the risk management group which oversaw the losses.

Jamie Dimon faced investors at JP Morgan's AGM; The FSA banned BGC's Tony Verrier; and Plus Markets' troubles deepened for chief executive Cyril Théret.

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David Thomas

JP Morgan

Trading Places: Barclays hires new M&A boss, Julius Baer restructures again

Private equity’s wealth spree in the spotlight as AFH deal terms raise conflict concerns

FCA chief executive Nikhil Rathi reappointed for second term

Deutsche Bank hires top Barclays ECM banker Swerling

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The German lender has hired Barclays’ co-head of equity capital markets to lead its team globally

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Find out who is on the move in the City and beyond this week

HSBC hands Blackburn top risk role as shake-up continues

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The UK lender has given the leading compliance job to a 20-year veteran

Once an heir apparent for Larry Fink, Wiedman now tops the list of potential successors to PNC chief Bill Demchak.

PNC Names Former BlackRock Star Mark Wiedman as President

The European Union has a plan to counteract the swathe of tariffs U.S. President Trump is planning to impose on foreign goods, European Commission President Ursula von der Leyen said.

EU Has Plan to Retaliate on U.S. Tariffs, Von der Leyen Says

The Japanese investment firm is entwining its fortunes with a company that expects to lose billions of dollars for years to come, in the hope that it will emerge as the leader in AI.

How Is SoftBank Funding Its Mega Investment in OpenAI? A Lot of Debt

The BlackRock CEO says he wants individuals to have better access to the menu of private and illiquid investments that have long been core holdings of pensions, endowments and other institutions.

Larry Fink Says Regular Americans Need Private Assets Too

The prospect of a radical escalation in the global trade war in the coming days has nearly doubled the probability of a recession in the U.S. economy in the next 12 months to around 35%, according to Goldman Sachs.

Goldman Sachs Lifts U.S. Recession Probability to 35%

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