Jamie Dimon
Encyclopedia
James "Jamie" Dimon is a business executive. He is the current chairman, president and chief executive of JPMorgan Chase, and previously served as a Class A director of the Board of Directors of the New York Federal Reserve, a three year term which started January 2007. Dimon was named to Time magazine
's 2006, 2008, 2009, and 2011 lists of the world's 100 most influential people
. He was also named to Institutional Investor's
Best CEOs list in the All-America Executive Team Survey from 2008 through 2011.
He was named the CEO of the Year in 2011.
descent and attended Browning School
.
He majored in psychology and economics at Tufts University
, before earning an M.B.A.
degree from Harvard Business School
along with classmates Jeffrey Immelt, Steve Burke (businessman)
and Seth Klarman
. When Dimon graduated in 1982, Sandy Weill convinced him to turn down offers from Goldman Sachs
, where he worked the previous summer, and Morgan Stanley
to join him as an assistant at American Express
. Although Weill could not offer the same amount of money as the investment banks, Weill promised Dimon that he would have "fun".
company, from Control Data. Through a series of unprecedented mergers and acquisitions, in 1998 Dimon and Weill were able to form the largest financial services conglomerate the world had ever seen, Citigroup
.
Dimon left Citigroup in November 1998. It was rumored at the time that he and Weill got into an argument in 1997 over Dimon not giving Weill's daughter, Jessica M. Bibliowicz, a promotion, although that happened over a year before his departure and most accounts cite many other more substantive issues as the real reasons. In his 2005 University of Chicago Graduate School of Business Fireside Chat and 2006 Kellogg School of Management
interviews, Dimon stated that Weill fired him.
In March 2000 Dimon became CEO of Bank One, then the nation's fifth largest bank. He became President and Chief Operating Officer of J.P. Morgan Chase
in mid-2004 when it purchased Bank One.
In March 2008 he was a board member of the New York Federal Reserve Bank and CEO of J.P. Morgan and made decisions in connection with the $55 billion loan to J.P. Morgan to bail out Bear Stearns
.
Following the acquisition of Washington Mutual
by JPMorganChase, President Barack Obama
had this to say about Dimon's handling of the real-estate crash, credit crisis, and the banking collapse affecting corporations nationwide, including major financial institutions like Bank Of America, Citibank, and Wachovia:
After Obama won the 2008 presidential election, there was some speculation that Dimon would serve in the Obama Administration as United States Secretary of the Treasury
. Obama eventually named President of the Federal Reserve Bank of New York
Timothy Geithner to the position.
Under Dimon's leadership with the acquisitions on his watch, JPMorganChase has now become the leading U.S. bank in domestic assets under management, market capitalization value, and publicly traded stock value. JPMorganChase is also the #1 credit card provider in the United States. J.P. Morgan's investment bank has raised the highest fees since mid-2010 and into 2011.
In 2009, Dimon was considered one of "The TopGun CEOs" by Brendan Wood International, an advisory agency.
In 2011, Dimon was involved in two high profile heated exchanges, first on Ben Bernanke, and the second on September 26, 2011 with Bank of Canada's Mark Carney calling Basel III "anti-american".
JPMorgan Chase advertised in February 2009 that they would be using their capital base monetary strength to acquire new businesses, .
The US Government, as of February 2009, had yet to move forward in enforcing TARP's intent in funding JP Morgan Chase with $25 billion. Dimon was quoted, during the week of February 1, 2009, in the face of the US government's lack of federal enforcement, as saying
Of the US's nine largest banks, JPMorgan Chase was arguably the healthiest bank, and did not need to take TARP funds. In order to encourage smaller banks with troubled assets to accept this money, Treasury Secretary Henry Paulson
allegedly coerced the CEOs of the nine largest banks to accept TARP money under short notice.
JPMorgan Chase was also the first of the largest banks to repay the TARP money.
and worked in Obama's adopted hometown of Chicago
. After Obama took office and JPMorgan Chase repaid its bailout money more quickly than most, he became influential in the White House
, although Dimon has often publicly disagreed with some of Obama's policies. Dimon was one of three CEOs found by the Associated Press
—along with Lloyd Blankfein
and Vikram Pandit
—to have had liberal access to United States Secretary of the Treasury
Timothy Geithner in the seven months after the financial crisis in fall 2008.
.
Jamie Dimon is portrayed in the BBC TV film The Last Days of Lehman Brothers by Michael Brandon
.
Interviews and articles
Time (magazine)
Time is an American news magazine. A European edition is published from London. Time Europe covers the Middle East, Africa and, since 2003, Latin America. An Asian edition is based in Hong Kong...
's 2006, 2008, 2009, and 2011 lists of the world's 100 most influential people
Time 100
Time 100 is an annual list of the 100 most influential people in the world, as assembled by Time. First published in 1999 as a result of a debate among several academics, the list has become an annual event.-History and format:...
. He was also named to Institutional Investor's
Institutional Investor (magazine)
Institutional Investor magazine is a monthly periodical published by Euromoney Institutional Investor. A separate international edition of the magazine was established in 1976 for readers in Europe and Asia. Capital Cities Communications purchased the magazine in 1984...
Best CEOs list in the All-America Executive Team Survey from 2008 through 2011.
He was named the CEO of the Year in 2011.
Early life
James "Jamie" Dimon was born in New York City, to Theodore and Themis Dimon, of GreekGreeks
The Greeks, also known as the Hellenes , are a nation and ethnic group native to Greece, Cyprus and neighboring regions. They also form a significant diaspora, with Greek communities established around the world....
descent and attended Browning School
Browning School
The Browning School is a United States college preparatory school for boys founded in 1888 by John A. Browning. It offers study from Pre-Primary level through Form VI and is ranked as one of the top private schools in New York City...
.
He majored in psychology and economics at Tufts University
Tufts University
Tufts University is a private research university located in Medford/Somerville, near Boston, Massachusetts. It is organized into ten schools, including two undergraduate programs and eight graduate divisions, on four campuses in Massachusetts and on the eastern border of France...
, before earning an M.B.A.
Master of Business Administration
The Master of Business Administration is a :master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out...
degree from Harvard Business School
Harvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
along with classmates Jeffrey Immelt, Steve Burke (businessman)
Steve Burke (businessman)
Stephen B. "Steve" Burke is Executive Vice President of Comcast and CEO/President of NBC Universal. Burke is a director at JP Morgan Chase and Berkshire Hathaway....
and Seth Klarman
Seth Klarman
Seth Klarman is the founder and president of the Baupost Group, a Boston-based private investment partnership, and the author of a book on value investing.-Career:...
. When Dimon graduated in 1982, Sandy Weill convinced him to turn down offers from Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
, where he worked the previous summer, and Morgan Stanley
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
to join him as an assistant at American Express
American Express
American Express Company or AmEx, is an American multinational financial services corporation headquartered in Three World Financial Center, Manhattan, New York City, New York, United States. Founded in 1850, it is one of the 30 components of the Dow Jones Industrial Average. The company is best...
. Although Weill could not offer the same amount of money as the investment banks, Weill promised Dimon that he would have "fun".
Career
In a power struggle, Weill left American Express in 1985 and Dimon followed him. The two then took over Commercial Credit, a consumer financeConsumer finance
Alternative financial services in the United States refers to a particular type of financial service, namely sub-prime lending by non-bank financial institutions. This branch of the financial services industry is more extensive in the United States than in some other countries, because the major...
company, from Control Data. Through a series of unprecedented mergers and acquisitions, in 1998 Dimon and Weill were able to form the largest financial services conglomerate the world had ever seen, Citigroup
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
.
Dimon left Citigroup in November 1998. It was rumored at the time that he and Weill got into an argument in 1997 over Dimon not giving Weill's daughter, Jessica M. Bibliowicz, a promotion, although that happened over a year before his departure and most accounts cite many other more substantive issues as the real reasons. In his 2005 University of Chicago Graduate School of Business Fireside Chat and 2006 Kellogg School of Management
Kellogg School of Management
The Kellogg School of Management is the business school of Northwestern University in Evanston, Illinois, downtown Chicago, Illinois and Miami, Florida. Kellogg offers full-time, part-time, and executive programs, as well as partnering programs with schools in China, India, Hong Kong, Israel,...
interviews, Dimon stated that Weill fired him.
In March 2000 Dimon became CEO of Bank One, then the nation's fifth largest bank. He became President and Chief Operating Officer of J.P. Morgan Chase
JPMorgan Chase & Co.
JPMorgan Chase & Co. is an American multinational banking corporation of securities, investments and retail. It is the largest bank in the United States by assets and market capitalization.It is a major provider of financial services, with assets of $2 trillion and according to Forbes magazine is...
in mid-2004 when it purchased Bank One.
In March 2008 he was a board member of the New York Federal Reserve Bank and CEO of J.P. Morgan and made decisions in connection with the $55 billion loan to J.P. Morgan to bail out Bear Stearns
Bear Stearns
The Bear Stearns Companies, Inc. based in New York City, was a global investment bank and securities trading and brokerage, until its sale to JPMorgan Chase in 2008 during the global financial crisis and recession...
.
Following the acquisition of Washington Mutual
Washington Mutual
Washington Mutual, Inc. , abbreviated to WaMu, was a savings bank holding company and the former owner of Washington Mutual Bank, which was the United States' largest savings and loan association until its collapse in 2008....
by JPMorganChase, President Barack Obama
Barack Obama
Barack Hussein Obama II is the 44th and current President of the United States. He is the first African American to hold the office. Obama previously served as a United States Senator from Illinois, from January 2005 until he resigned following his victory in the 2008 presidential election.Born in...
had this to say about Dimon's handling of the real-estate crash, credit crisis, and the banking collapse affecting corporations nationwide, including major financial institutions like Bank Of America, Citibank, and Wachovia:
After Obama won the 2008 presidential election, there was some speculation that Dimon would serve in the Obama Administration as United States Secretary of the Treasury
United States Secretary of the Treasury
The Secretary of the Treasury of the United States is the head of the United States Department of the Treasury, which is concerned with financial and monetary matters, and, until 2003, also with some issues of national security and defense. This position in the Federal Government of the United...
. Obama eventually named President of the Federal Reserve Bank of New York
Federal Reserve Bank of New York
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. It is responsible for the Second District of the Federal Reserve System, which encompasses New York state, the 12 northern counties of New Jersey,...
Timothy Geithner to the position.
Under Dimon's leadership with the acquisitions on his watch, JPMorganChase has now become the leading U.S. bank in domestic assets under management, market capitalization value, and publicly traded stock value. JPMorganChase is also the #1 credit card provider in the United States. J.P. Morgan's investment bank has raised the highest fees since mid-2010 and into 2011.
In 2009, Dimon was considered one of "The TopGun CEOs" by Brendan Wood International, an advisory agency.
In 2011, Dimon was involved in two high profile heated exchanges, first on Ben Bernanke, and the second on September 26, 2011 with Bank of Canada's Mark Carney calling Basel III "anti-american".
New York Federal Reserve Director
Dimon's role at the New York Fed "includes approving the Bank's budget, overseeing operations, and appointing the Bank's officers."Federal TARP Funds
As JPMorgan Chase's Chairman, President & CEO, Dimon oversaw the transfer of $25 billion in bailout funds from the US Treasury Department to JPMorgan Chase on October 28, 2008 via the Troubled Asset Relief Program (TARP). This was the fifth largest amount transferred under Section A of TARP to help troubled assets related to residential mortgages. It has been widely reported that JPMorgan Chase was in much better financial shape than other banks and did not need TARP funds but accepted the funds because the Government did not want to single out only the banks with capital issues.JPMorgan Chase advertised in February 2009 that they would be using their capital base monetary strength to acquire new businesses, .
The US Government, as of February 2009, had yet to move forward in enforcing TARP's intent in funding JP Morgan Chase with $25 billion. Dimon was quoted, during the week of February 1, 2009, in the face of the US government's lack of federal enforcement, as saying
Of the US's nine largest banks, JPMorgan Chase was arguably the healthiest bank, and did not need to take TARP funds. In order to encourage smaller banks with troubled assets to accept this money, Treasury Secretary Henry Paulson
Henry Paulson
Henry Merritt "Hank" Paulson, Jr. is an American banker who served as the 74th United States Secretary of the Treasury. He previously served as the Chairman and Chief Executive Officer of Goldman Sachs.-Early life and family:...
allegedly coerced the CEOs of the nine largest banks to accept TARP money under short notice.
JPMorgan Chase was also the first of the largest banks to repay the TARP money.
Relations with the Obama Administration
Dimon is a DemocratDemocratic Party (United States)
The Democratic Party is one of two major contemporary political parties in the United States, along with the Republican Party. The party's socially liberal and progressive platform is largely considered center-left in the U.S. political spectrum. The party has the lengthiest record of continuous...
and worked in Obama's adopted hometown of Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
. After Obama took office and JPMorgan Chase repaid its bailout money more quickly than most, he became influential in the White House
White House
The White House is the official residence and principal workplace of the president of the United States. Located at 1600 Pennsylvania Avenue NW in Washington, D.C., the house was designed by Irish-born James Hoban, and built between 1792 and 1800 of white-painted Aquia sandstone in the Neoclassical...
, although Dimon has often publicly disagreed with some of Obama's policies. Dimon was one of three CEOs found by the Associated Press
Associated Press
The Associated Press is an American news agency. The AP is a cooperative owned by its contributing newspapers, radio and television stations in the United States, which both contribute stories to the AP and use material written by its staff journalists...
—along with Lloyd Blankfein
Lloyd Blankfein
Lloyd Craig Blankfein is an American business executive. He is currently the CEO and Chairman of Goldman Sachs. He has been in this position since the May 31, 2006 nomination of former CEO Henry Paulson as Secretary of the Treasury under George W...
and Vikram Pandit
Vikram Pandit
Vikram S. Pandit is an Indian-born American business executive. He is the current CEO of Citigroup.-Early life:Vikram Pandit was born in Nagpur, India to an affluent Marathi family . His father, S B Pandit was an executive director at Sarabhai Chemicals in Baroda. He completed his schooling at the...
—to have had liberal access to United States Secretary of the Treasury
United States Secretary of the Treasury
The Secretary of the Treasury of the United States is the head of the United States Department of the Treasury, which is concerned with financial and monetary matters, and, until 2003, also with some issues of national security and defense. This position in the Federal Government of the United...
Timothy Geithner in the seven months after the financial crisis in fall 2008.
Personal
Dimon is married to Judith Kent; they have three children: Julia, Laura, and Kara Leigh.Fictional portrayals
Jamie Dimon was portrayed in the 2011 HBO film Too Big to Fail (film) by Bill PullmanBill Pullman
William James "Bill" Pullman is an American film, television, and stage actor. Pullman made his film debut in the supporting role of Earl Mott in the 1986 film Ruthless People. He has since gone on to star in other films, including Spaceballs, Independence Day, Lost Highway, Casper and Scary Movie 4...
.
Jamie Dimon is portrayed in the BBC TV film The Last Days of Lehman Brothers by Michael Brandon
Michael Brandon
Michael Brandon is an American actor who resides in the United Kingdom and United States.-Life and career:Brandon was born Michael Feldman in Brooklyn, New York to Miriam and Sol Feldman...
.
External links
- Profile at JPMorgan Chase
- Executive profile at BusinessweekBusinessWeekBloomberg Businessweek, commonly and formerly known as BusinessWeek, is a weekly business magazine published by Bloomberg L.P. It is currently headquartered in New York City.- History :...
- http://www.businessweek.com/1996/43/b3498153.htm1996 BusinessWeekBusinessWeekBloomberg Businessweek, commonly and formerly known as BusinessWeek, is a weekly business magazine published by Bloomberg L.P. It is currently headquartered in New York City.- History :...
profile]
- http://www.businessweek.com/1996/43/b3498153.htm1996 BusinessWeek
- Jamie Dimon collected news and commentary at Business InsiderBusiness InsiderBusiness Insider is a U.S. business/entertainment news website launched in February 2009. Founded by DoubleClick Founder and former C.E.O. Kevin P. Ryan it is the overarching brand beneath which fall the Silicon Alley Insider and Clusterstock verticals...
- Highest-paid men: 19. Jamie Dimon. CNN Money, 2007
Interviews and articles
- Jamie Dimon: Crain's New Influentials
- http://www.ft.com/cms/s/0fc09dfe-bfbb-11da-939f-0000779e2340.htmlInterview with Financial TimesFinancial TimesThe Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....
] - Jamie Dimon: Rising to the Top, Again. - Monroe Street Journal, November 12, 2001
- Bank One Chairman and CEO speaks to Executive MBA students, video of an address at Kellogg School of ManagementKellogg School of ManagementThe Kellogg School of Management is the business school of Northwestern University in Evanston, Illinois, downtown Chicago, Illinois and Miami, Florida. Kellogg offers full-time, part-time, and executive programs, as well as partnering programs with schools in China, India, Hong Kong, Israel,...
, October 4, 2002 - In This Corner! The Contender, FortuneFortune (magazine)Fortune is a global business magazine published by Time Inc. Founded by Henry Luce in 1930, the publishing business, consisting of Time, Life, Fortune, and Sports Illustrated, grew to become Time Warner. In turn, AOL grew as it acquired Time Warner in 2000 when Time Warner was the world's largest...
, March 21, 2006 - http://www.house.gov/apps/list/hearing/financialsvcs_dem/jamiedimon021109.pdf 2009
- http://www.nytimes.com/2009/11/01/books/review/Barrett-t.html, book about Jamie Dimon, Last Man Standing