Backlash kept coming to Jamie Dimon on Friday, two days after the JPMorgan Chase chairman and CEO called some of the bank's shareholders "lazy" for their perceived reliance on advisory firms in making voting decisions.
Dimon's assertions are "ludicrous" and proxy advisers look to have lost influence on corporate governance, said Mike Mayo, a bank analyst at CLSA. He pointed to the recent leadership scuffle at DuPont, where directors nominated by Nelson Peltz and his Trian Fund were not elected. The rejected directors had been backed by two leading advisory firms.
"If anything these advisory firms aren't tough enough," Mayo said on CNBC's "Fast Money: Halftime Report."
At JPMorgan's annual meeting last week, only 61 percent of votes cast endorsed the bank's executive compensation. Thirty-six percent backed plans to separate Dimon's dual position after he leaves.
Dimon on Wednesday decried shareholders who followed recommendations from advisory firms like Institutional Shareholder Services and Glass Lewis.
"God knows how any of you can place your vote based on ISS or Glass Lewis," Dimon said. "If you do that you are just irresponsible, I am sorry. And, you probably aren't a very good investor, either. I know some of you here do it because you are lazy."
Mayo contended that most JPMorgan investors do not seem lazy based on voting results. Despite his criticism of Dimon's comments, Mayo said he remains bullish on JPMorgan's prospects.
JPMorgan shares were trading half a percent lower Friday, a day after reports that the bank would cut more than 5,000 jobs by next year.
— Reuters contributed to this report