10:14
LKulikowski:
Good Morning, this is TheStreet.com staff reporter Laurie Kulikowski. I'll be covering JPMorgan Chase's annual shareholder meeting
Tuesday May 18, 2010
10:15
LKulikowski:
Starting a little late this morning as we had some technical diffculties. Currently Chairman and CEO Jamie Dimon is giving a rundown of the company
Tuesday May 18, 2010
10:16
LKulikowski:
currently he is discussing hiring in the retail banking sector
Tuesday May 18, 2010
10:16
LKulikowski:
small business lending committed to boostied by $4 billion this year
Tuesday May 18, 2010
10:16
LKulikowski:
retail banking open 120 branches on our way to open 250 branches next year
Tuesday May 18, 2010
10:17
LKulikowski:
card results are unacceptable to Dimon and should be to shareholders
Tuesday May 18, 2010
10:17
LKulikowski:
in commercial banking outstanding year of profits last year of $1.2 b , revenue up aided by WAshington Mutual, 1400 bankers who serve the finacning needs
Tuesday May 18, 2010
10:18
LKulikowski:
of clients
Tuesday May 18, 2010
10:18
LKulikowski:
looking to grow the commerical banking business, leveraging off WaMu
Tuesday May 18, 2010
10:19
LKulikowski:
in asset management 6500 employees, in private banking one of the best private banks in the world, adding 100 new client advisors and opened 5 new branches last year
Tuesday May 18, 2010
10:20
LKulikowski:
fiancnial reform -- we have supported fiancnial reform we think its necessary...
Tuesday May 18, 2010
10:21
LKulikowski:
we need around these problems retaional problekms rational thoughta and analysts we need the govrment to take very bold actions. but there are some misconceptions..
Tuesday May 18, 2010
10:21
LKulikowski:
we like a lot of banks always had high capital ratios.. right after lehman went down over thenext 6 months our deposist went up $120 m
Tuesday May 18, 2010
10:21
LKulikowski:
we think banks are lending alittle ibit less but a lot more responsibly
Tuesday May 18, 2010
10:22
LKulikowski:
Dimon speakjng a little fast but done now
Tuesday May 18, 2010
10:23
LKulikowski:
but now the meeting has turned to the proposals
Tuesday May 18, 2010
10:24
LKulikowski:
Evelyn Davis up to bat..... she likes to be first.
Tuesday May 18, 2010
10:25
LKulikowski:
Davis LOVES Dimon.. just told him that he has to stay with JPMorgan forever..
Tuesday May 18, 2010
10:26
LKulikowski:
Davis asking him to comemtn on goldman sachs
Tuesday May 18, 2010
10:26
LKulikowski:
whic of course he won't comment on
Tuesday May 18, 2010
10:36
LKulikowski:
sorry just got cut out for a second....back on now.
Tuesday May 18, 2010
10:36
LKulikowski:
you can tell that Dimon is already losing patience with some shareholders...
Tuesday May 18, 2010
10:37
LKulikowski:
one shareholder says he feels "good and comfortable" with dimon as CEO followed by a round of appaluse
Tuesday May 18, 2010
10:39
LKulikowski:
shareholders are concerned about the problems in Europe
Tuesday May 18, 2010
10:40
LKulikowski:
"why are investors selling more bank stocks than buying?" one shareholder asks
Dimon says bank stocks are under pressure from impending capital requirements, pressures from Washington, and changes to business models that banks will have to make.
Tuesday May 18, 2010
10:43
LKulikowski:
one attendee just complained that he couldn't afford his mortgage???
Tuesday May 18, 2010
10:43
LKulikowski:
Dimon referred him to representatives outside that would be able to help him. but the attendee doesn't seem to think they will.
Tuesday May 18, 2010
10:44
LKulikowski:
Davis back up asking what the company is doing to reduce legal fees
Tuesday May 18, 2010
10:45
LKulikowski:
external legal feeswere $675 m and inside legal fees were $330 m.. about $1b that the cokpany spent on legal fees over the last year
Tuesday May 18, 2010
10:45
LKulikowski:
Davis thinks its outrageous.
Tuesday May 18, 2010
10:49
LKulikowski:
She also asked about lobbying fees
Tuesday May 18, 2010
10:49
LKulikowski:
Dimon said they were $7 m
Tuesday May 18, 2010
10:52
LKulikowski:
another shareholder says that the loan modification program isn't working
Tuesday May 18, 2010
10:52
LKulikowski:
meanwhile Davis is yelling in the background. Dimon just silenced her.
Read more from the live blogging JP Morgan Chase shareholders meeting. Click here. And Ms. Kulikowski shared this piece of information from the shareholder proposals:
1:01
LKulikowski:
Most of the shareholder proposals obviously did not pass however what did get a majority vote was Proposal No. 7 -- Shareholder Action by Written Consent
1:08
LKulikowski:
Before I sign off I found out that the splitting of the chairman/ceo role was rejected. roughly 34% of shareholders voted for the measure.
No comments:
Post a Comment