Advisory firm, Institutional Shareholder Services has said that the JPMorgan Chase & Co should separate the rolls of its chairman and chief executive officer soon.

Jamie Dimon is currently working as the Chairman as well as the chief executive officer of the largest bank in the US. The advisory said that the shareholders must vote in favour of proposal to appoint an independent chairman at the company's annual meeting on May 21. ISS is a unit of MSCI Inc and it offers advice to investors on voting and corporate governance.

The advisory had also backed a proposal to appoint an independent board chairman in the previous year at the bank. The endorsement of the new proposal is against the management's efforts to convince the majority of the voters that existing management structure is sound and must not be changed.

ISS said that "the governance failure in connection with the CIO incident, the size and complexity of JPM's business, and the continued challenges faced by the company."

Dimon has faced criticism following a disclose by the bank that lapses in risk control occurred in its chief investment office that led to $6.2 billion of losses and led to an inquiry by the authorities. Some have been calling for him to give up the post of the chairman of the bank. However, the company says that it is the most effective leadership model and Dimon also has the backing of major sahreholders, Warren Buffett and Kenneth Langone, the billionaire founder of Home Depot.