JP Morgan boss Jamie Dimon to face shareholders - live updates 12.40pm: We're going to wrap up our live blog coverage of the JP Morgan Chase annual meeting. In summary, CEO Jamie Dimon did not face a shareholder revolt, and he met what criticism he did face with an insistence that the bank was pro-regulation and was taking steps to fix what recently went wrong. He said that the billions in losses announced May 10 stemmed from a hedging position that had "morphed" into an investment that violated the bank's principles. There was no real shareholder revolt. But here's how protesters outside the meeting greeted the prospect of another bank head making excuses for losses that could have cost - or may still cost - taxpayers billions in new bailout money. Eggs, thrown by protesters, are seen on a picture of JP Morgan CEO Jamie Dimon outside the JP Morgan Chase & Co annual shareholders meeting in Tampa. Photograph: Brian Blanco/Reuters 12.24pm: The market reacts approvingly to the JP Morgan meeting this morning. Shares of the bank are up 3.5% in morning trading. 12.18pm: Karen McVeigh is talking to JP Morgan shareholders at the annual meeting in Tampa: Following the results of the 41-59 vote to have an independent chairman of the board, proposed by the AFSCME, director Lisa Lindsley said she felt the vote was "pretty high" in favour. Most of the votes were in before the losses announced last week. A similar proposal last year for an independent lead director got only 11.9 per cent of the vote. "We're not saying he should fired as CEO" said Lindsley. She told shareholders at the meeting that the "stakes were too high to continue business as usual" where the CEO is his own boss. We don't believe any CEO is infallable. If the CEO is also the chairman then Mr Dimon is effectively monitoring his own performance. ... This is about monitoring, a proper system of checks and balances. The proposal said that having the CEO as chair presented a "conflict of interest" which could result in excessive management and could weaken the boards oversight of management. It read: "In our view, shareholder value is enhanced by an independent board chair who can provide a balance of power between the CEO and the board and support strong board leadership." 12.09pm: Our Karen McVeigh is speaking with JP Morgan shareholders about their reaction to CEO Jamie Dimon's performance at the annual meeting. We'll have her report for you shortly. How did Dimon do? Although he faced some hard questions about why his bank spends millions to gut the regulations that could prevent losses like the one announced May 10, Dimon did not face anything like a shareholder revolt. One or two shareholders even devoted their public addresses to statements of support for Dimon and the bank. And the whole meeting lasted only about 40 minutes. Dimon didn't face such a tough crowd, and nothing he was asked led him to go further than what he said in his opening statement, in which he insisted that the bank was always for regulation and that the big losses still being counted up were a fluke, and that everything at the bank is now fixed. It could be seen as condescending, even insulting, for Dimon - one of the most vocal opponents of Dodd-Frank and associated regulations, a man who accused Paul Volcker of ignorance - to tell his shareholders that his bank had always been for strong regulation. But that's what he did. 11.44am: Reporters managed to grab a brief word with Dimon after the meeting and asked whether bonuses would be clawed back after this fiasco. "We will do the right thing...And that may well include clawbacks," Dimon said. The buck always stops with me. 11.43am: It looks like matters just got worse for JP Morgan. The Wall Street Journal is now reporting that the Justice Department is looking at the $2bn trading loss. Dominic Rushe: Any investigation will be at a very early stage and it isn't clear at present that anything illegal happened here. But the investigation will add even more pressure. The bank is already the subject of an investigation by the securities and exchange commission (SEC) and UK regulators too want to know exactly what went wrong. 11.41am: Jamie Dimon appears to have survived a shareholder vote to end his dual role as CEO and chairman of the board at JP Morgan. With all proxy votes tallied, a minority of 40.1 percent are in favor of splitting the roles of CEO and chairman of the board, Karen McVeigh reports. That's up a bunch from last year, when just over 10% wanted to split the roles. 11.34am: JP Morgan shareholders objected to Jamie Dimon holding the titles of both chairman and CEO. But that's not the only dual role Dimon plays. Dominic Rushe reports: He also sits of the advisory board of the New York Fed - one of three bankers on the board. His position has been criticised by Elisabeth Warren, the Massachusetts Democrat running for US Senate, among others, as the NY Fed is effectively Dimon's regulator. Having bankers on the boards of regional Fed banks "is a problem, period," Sheila Bair, former chairman of the Federal Deposit Insurance Corp told Bloomberg news recently. Why the regional banks have members of the industry that they regulate on their boards is beyond me. Dimon was asked about the issue at the meeting. Peter Skillern from Reinvestment Partners - an advocate group for economic justice - spoke in support of proposal to separate chair and chief executive roles. He told Dimon "good corporate governance includes separation of board and staff" and asked him to address the conflict of interest in his sitting on board of Federal reserve of New York. Dimon says his NY Fed position is on an "advisory" board and he isn't allowed to vote on anything. But I doubt this is the last we have heard of that. 11.22am: The discussion period of the JP Morgan meeting closes. The meeting is adjourned. We're going to take a sidelong glance at network TV, where President Obama is telling Barbara Walters and her "View" co-hosts his thoughts on JP Morgan's announcement of billions in losses. Obama says that proposed regulations now before Congress could prevent "this kind of stuff": JP Morgan is the best, or one of the best managed, banks. That's exactly why Wall Street reform's so important. ...Jamie Dimon, the head of it, is one of the smartest bankers we got and they still lost $2bn and counting, precisely because they were making bets in these derivative markets.... Keep in mind if we get all the rules that we proposed and were passed by Congress implemented into law, it should prevent this kind of stuff from happening. 11.15am: Dimon responds to questions about JP Morgan's record as an active lobbyist against regulation. A shareholder says, isn't that bad for the company's reputation? "We never denied that we need good regulation," Dimon says. We believe in strong, simple and good regulation... like I mentioned before, we supported an awful lot of regulation that was in Dodd-Frank. 11.08am: Protesters have gathered outside the JP Morgan annual meeting in Tampa. Protesters with a picture of JP Morgan chairman and CEO James Dimon outside a shareholders meeting. 11.03am: A spokesperson the for American Federation of State, County and Municipal Employees (AFSCME) is telling the meeting about their proposal to separate the CEO and chairman roles at the bank to prevent "inherent conflict of interest." "If the CEO is also chairman, Mr Dimon is effectively monitoring his own performance," he says. The motion is being opposed by JP Morgan. If you look at last year's annual meeting, it seems unlikely that that shareholders will vote for an independent chairman. When JP faced a vote on an independent lead director last year, nearly 87% of shares were voted against the proposal. Most shareholders will have cast their vote on splitting the CEO and chairman well in advance of the bad news from London. 11.00am: A shareholder asks Dimon if he still believes that banks can self-regulate. He's asked why the bank spends millions to lobby against legislation such as Dodd-Frank and the Volcker rule. Now the floor is open to shareholder questions. 10.57am: This morning Dimon claims to have always supported "80-90 percent" of Dodd-Frank. But when he appeared on Sunday on "Meet the Press," the figure was only "70 percent." Dimon is attempting a retroactive makeover of the bank's - and his own - stance on regulation. It's a whitewash, plain and simple. 10.50am: Before the meeting began, our reporter Karen McVeigh spoke with shareholder Carla Silver. JP Morgan Chase shareholder Carla Silva at the 2012 annual meeting in Tampa, Florida. Karen reports: Shareholder Carla Silva, a cleaner at JP Morgan building in downtown Tampa (who works for a contractor), said she had lost "a little trust" in Jamie Dimon. Through a friend translating from Spanish, Silva said, "I'm annoyed. It's a lot of money. That has been lost, and it could have been used for something else. Asked what action should be taken, she said, "There should be a change. The board should make an evaluation of the work The CEO has been doing. Silva also said the bank should retract the bonuses of those involved. 10.47am: Jamie Dimon also said the bank supported "the Volcker rule" prohibiting the bank from speculating with deposits "in principle." How can the head of a bank that just lost at least $2bn - maybe twice that much, maybe more - by betting on corporate debt claim that his bank supports a law meant to stop such speculation? Dimon says the losses stemmed from a bet that began as a hedge position but then "morphed." Meaning the bank's supposed support for the Volcker rule "in principle" was overpowered, overwhelmed or otherwise destroyed by an investment that "morphed." 10.41am: Jamie Dimon has just welcomed shareholders to the JP Morgan meeting. Now a lieutenant is running through procedural details. "The use of cell phones or other equipment to photgraph or record the meeting is prohibited," he says. Now Dimon is introducing the board of directors. The audience applauds the directors. "I want to start with what is probably on your mind," Dimon says. We ended up with a strategy that was flawed... poorly vetted and poorly executed. He says there are many fixes that have already been made. He mentions the "retirement" of Ina Drew. No clients were affected. No customers were affected as the results of our mistakes. Now Dimon makes a claim that will come as a surprise to anyone who has followed his criticism of the government in the past four years. He says that he and the bank have always supported bank regulations. He says they're in favor of "80-90 percent" of Dodd-Frank. He says JP Morgan supports regulations including higher capital liquidity requirements and "too big to fail" restrictions." "We all want better, stronger, smarter regulation," Dimon says. Jamie Dimon: regulatory cheerleader. The SEC will be thrilled to hear the news. We understand the need for rules and practices that hedging doesn't morph into something different. Dimon says this particular hedge - the one that lost $2bn, maybe twice that much - did morph in a way that violated the bank's principles. I'm confident when we're done here we'll be an even stronger company. So that's that? 10.27am: My colleague Dominic Rushe talks about the bank's site selection for its annual meeting: JP's decision to hold the meeting in an obscure office seven miles from downtown Tampa came long before the bank's London problems blew up. Karen McVeigh says the taxi driver who dropped her off at the massive office described the location as "the middle of nowhere." Presumably the bank was hoping to avoid scenes like those witnessed at Bank of America's recent annual meeting where hundreds of protesters turned up. So far Karen says she can't see any protesters. A security guy has told her they may be allowed to stand on the grass on the other side of the road from the building, if they turn up. In New York, where JP Morgan is headquartered, Occupy Wall Street are planning a protest in absentia. Protesters will go on an "economic injustice tour" of midtown Manhattan taking in JP's offices and other banks and ending with a sit down protest in Times Square. Sadly it's raining here, the weather is a lot better in Tampa. 10.00am: Jamie Dimon, JP Morgan's embattled boss, is about to face off with shareholders in Tampa, Florida this morning. It's Tom McCarthy here in New York with live blog coverage. Last week the bank boss revealed JP had lost $2bn and counting on risky bets made from its London office. The loss has wiped $19bn off JP's share price in just a few days. Weeks earlier Dimon had described concerns about the size of those bets as a "tempest in a teapot." Now regulators on both sides of the Atlantic are investigating and shareholders are threatening to sue. JP's troubles have been a gift for Democrats and Wall Street critics. Obama will be on The View this morning (the only show that really matters these days) at 11am ET to argue that the fiasco proves how badly Wall Street needs policing. Obama's would be rival Mitt Romney has pledged to repeal the Dodd-Frank legislation brought in after the last financial crisis. Dimon has been Wall Street's toughest critic of that legislation, making his current predicament even more uncomfortable. Our reporter Karen McVeigh is in Tampa for the meeting now, penned in a car lot with 30 other journalists waiting for the meeting to start (it's due to begin at 10.30am ET). Our Wall Street correspondent Dominic Rushe is sitting next to me to provide expert analysis as we go along. And we'll be updating you with all the latest developments here.