Two directors at JPMorgan Chase who have received lackluster support from shareholders resigned on Friday, the latest change in the aftermath of a multibillion-dollar trading loss last year.
The two board members, David Cote and Ellen Futter, were narrowly re-elected at the bank’s annual meeting in May.
Mr. Cote, who is the chairman and chief executive of Honeywell International, resigned after five years with the bank. Ms. Futter, the president of the American Museum of Natural History, departs comes after 16 years, JPMorgan said in a news release on Friday.
Both Mr. Cote and Ms. Futter, members of the bank’s risk committee, were buffeted by criticism in the wake of trading losses last year that emerged from JPMorgan’s London office. Some investors said that the board’s risk committee lacked the financial prowess to safeguard against the kind of trading losses that hit the nation’s largest bank.
The trading debacle was also widely viewed as a black eye on the leadership of Jamie Dimon, the bank’s charismatic chairman and chief executive. A proposal to split Mr. Dimon’s two roles, however, was ultimately defeated by a wide margin.
To voice their dissatisfaction, a small but vocal group of shareholders agitated against some of the board members’ re-election.
Shortly before the annual meeting in Tampa, Ms. Futter had planned to resign, according to people familiar with the matter. Those plans changed, though, when Mr. Dimon called to urge her to stay.
She was ultimately re-elected with the lowest amount of support, only 53.1 percent of the vote. Mr. Cote was reelected with 59.3 percent of the vote.
“I want to thank Ellen and Dave for their dedicated service to our firm,†Mr. Dimon said in a statement. “We have learned a great deal from both of them and will miss having them as members of our board.â€
