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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

BlackRock’s Larry Fink hails democracy for private assets. But what will it mean for fees?

If Nikhil Rathi wants to stay CEO, he needs to sort out the FCA’s ballooning headcount

Accounting firm spurns private equity as rare IPO tests UK market appetite

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

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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

Barclays hires Centerview dealmaker Woeber to lead global M&A

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The UK lender has tapped a veteran dealmaker to head up a key area of growth

Several big law firms are discussing $500 million in pro bono legal services with the White House to avert restrictions on their business, people familiar with the matter said.

By Emily Glazer, Josh Dawsey and C. Ryan Barber

Latham & Watkins, Simpson Thacher Near Deals With White House

Treasury Secretary Scott Bessent helped persuade the president to take some time and negotiate with trading partners in the face of pressure from business leaders.

By Annie Linskey, Josh Dawsey and Meridith McGraw

Why Trump Blinked on Tariffs Just Hours After They Went Into Effect

Generative AI is going to reinvent virtually every customer experience and enable entirely new ones that have only been dreamed about, Amazon.com Chief Executive Andy Jassy said.

Amazon CEO Says Generative AI Will Reinvent Every Customer Experience

Carney said the 90-day pause, and Trump’s pledge to negotiate new trading arrangements with dozens of countries, “will likely result in a fundamental restructuring of the global trading system.”

Trump’s Tariff Pause ‘Welcome Reprieve’ For Global Economy, Canada PM Carney Says

The BOE said that further sharp falls in asset prices are likely.

Bank of England Warns of Tariffs Threat to Stability of Global Financial System

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