James Dimon
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James Dimon
Jamie Dimon
The Global Financial Context James Dimon (cropped).jpg
Dimon during the WEF 2013
Born (1956-03-13) March 13, 1956 (age 62)
New York City, New York, U.S.
Residence Chicago, Illinois, U.S.
Education Tufts University (BA)
Harvard University (MBA)
Occupation Chairman and CEO, JPMorgan Chase
Salary $29.5 million (2017)[1]
Net worth US$1.3 billion (April 2018)[2][3]
Judith Kent
Children 3

Jamie Dimon (; born March 13, 1956) is an American business executive. He is chairman and CEO of JPMorgan Chase, the largest of the big four American banks, and previously served on the board of directors of the Federal Reserve Bank of New York.[4][5] Dimon was included in Time magazine's 2006, 2008, 2009, and 2011 lists of the world's 100 most influential people. He was also on Institutional Investors lists of best CEOs in the All-America Executive Team surveys from 2008 through 2011.[6][not in citation given]

Research published at the University of Oxford characterizes Dimon's leadership style as paradigmatic of "founder centrism" - which is a founder's mindset, an ethical disposition towards the shareholder collective, and an intense focus on exponential value creation.[7]

Dimon is one of the few bank chief executives to become a billionaire, thanks in part to a USD 485 million stake in JPMorgan Chase.[8] He received a $23 million pay package for the fiscal year 2011, more than any other bank CEO in the United States.[9] Dimon received $20 million in compensation for his work in the fiscal year 2013.[10] He earned $29.5 million in 2017.[1]

Early life and education

Dimon was born in New York City, to children of Greek immigrants Theodore and Themis (née Kalos) Dimon. One of three sons, he is of Greek descent and Greek Orthodox[11] and attended The Browning School in his youth.[12] His paternal grandfather was a Greek immigrant who changed the family name from Papademetriou to Dimon to make it sound more French,[13] and worked as a banker in Smyrna (today's Izmir) and Athens. He has an older brother, Peter, and a fraternal twin brother, Ted. Dimon's father and grandfather were both stockbrokers at Shearson.[14]

He majored in psychology and economics at Tufts University. During one summer's break from Tufts, he worked at Shearson. After graduating, he worked in management consulting for two years before enrolling at Harvard Business School, along with classmates Jeffrey Immelt, Steve Burke, Stephen Mandel, and Seth Klarman. During the summer at Harvard, he worked at Goldman Sachs. He graduated in 1982, earning a Master of Business Administration degree as a Baker Scholar.[15]

After graduation, Sandy Weill convinced him to turn down offers from Goldman Sachs, Morgan Stanley, and Lehman Brothers to join him as an assistant at American Express.[16] Although Weill could not offer the same amount of money as the investment banks, Weill promised Dimon that he would have "fun".[17] Dimon's father, Theodore Dimon, was an executive vice president at American Express. The younger Dimon came to Weill's attention when Theodore passed along an essay that Jamie had written.[18]

Career

American Express

Sandy Weill left American Express in 1985 and Dimon followed him. The two then took over Commercial Credit, a consumer finance company, from Control Data. Dimon served as the chief financial officer, helping to turn the company around. Dimon left Citigroup in November 1998, after being asked to resign by Weill during a weekend executive retreat.[19] It was rumored at the time that he and Weill argued in 1997 over Dimon's not promoting Weill's daughter, Jessica M. Bibliowicz,[20] although that happened over a year before Dimon's departure. At least one other account cites a request by Dimon to be treated as an equal as the real reason.[21] In his 2005 University of Chicago Graduate School of Business Fireside Chat and 2006 Kellogg School of Management interviews, Dimon confirmed that Weill fired him.[]

Move to J.P. Morgan

Interview of Dimon with president of Argentina Mauricio Macri, to announce higher investments of JP Morgan Chase in the country.

In March 2000, Dimon became CEO of Bank One, the nation's fifth largest bank.[22] When JPMorgan Chase purchased Bank One in July 2004, Dimon became president and chief operating officer of the combined company.

On December 31, 2005, he was named CEO of JPMorgan Chase and on December 31, 2006, he was named Chairman and President.[23] In March 2008 he was a Class A board member of the Federal Reserve Bank of New York. Under Dimon's leadership, with the acquisitions during his tenure, JPMorgan Chase has become the leading U.S. bank in domestic assets under management, market capitalization value, and publicly traded stock value. JPMorgan Chase is also the No. 1 credit card provider in the U.S.[] In 2009, Dimon was considered one of "The TopGun CEOs" by Brendan Wood International, an advisory agency.[24][25]

On September 26, 2011, Dimon was involved in a high-profile heated exchange with Mark Carney, the governor of the Bank of Canada, in which Dimon said provisions of the Basel III international financial regulations discriminate against U.S. banks and are "anti-American".[26] On May 10, 2012, JPMorgan Chase initiated an emergency conference call to report a loss of at least $2 billion in trades that Dimon said were "designed to hedge the bank's overall credit risks". The strategy was, in Dimon's words, "flawed, complex, poorly reviewed, poorly executed, and poorly monitored".[27] The episode was investigated by the Federal Reserve, the SEC, and the FBI and the central actor was labelled with the epithet the London Whale.[28]

Dimon commented on the Volcker Rule in January 2012, "Part of the Volcker Rule I agreed with, which is no prop trading. But market making is an essential function. And the public should recognize that we have the widest, the deepest, the most transparent capital markets in the world. And part of that is because we have enormous market making. If the rules were written as they originally came out; I suspect they'll be changed, it would really make it hard to be a market maker in the United States."[29] He served as chairman of the executive committee of The Business Council for 2011 and 2012.[30]

On January 24, 2014, it was announced that Dimon would receive $20 million for his work in 2013, a year of record profits and stock price under Dimon's reign, despite significant losses that year due to scandals and payments of fines. The award was a 74% raise, which included over $18 million in restricted stock. Forbes reported that, in a statement following news of Dimon's compensation, the bank said, "Under Mr. Dimon's stewardship, the Company has fortified its control infrastructure and processes and strengthened each of its key businesses while continuing to focus on strengthening the Company's leadership capabilities across all levels."[10]

Federal TARP funds

As head of JPMorgan Chase, Dimon oversaw the transfer of $25 billion in funds from the U.S. Treasury Department to the bank on October 28, 2008, under the Troubled Asset Relief Program (TARP).[31] This was the fifth largest amount transferred under Section A of TARP[32] to help troubled assets related to residential mortgages. It has been widely reported[33] 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 it would be using its capital-base monetary strength to acquire new businesses.[34]

By February 2009, the U.S. government had not moved forward in enforcing TARP's intent of funding JPMorgan Chase with $25 billion.[31] In the face of the government's lack of action, Dimon was quoted during the week of February 1, 2009, as saying,

JPMorgan would be fine if we stopped talking about the damn nationalization of banks. We've got plenty of capital. To policymakers, I say where were they? ... They approved all these banks. Now they're beating up on everyone, saying look at all these mistakes, and we're going to come and fix it.[35][36]

JPMorgan Chase was arguably the healthiest of the nine largest U.S. banks 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.[37]

Political endeavors

Dimon donates primarily to the Democratic Party.[38] In May 2012, he described himself as "barely a Democrat"[39] stating,

I've gotten disturbed at some of the Democrats' anti-business behavior, the attacks on work ethic and successful people. I think it's very counterproductive. ... It doesn't mean I don't have their values. I want jobs. I want a more equitable society. I don't mind paying higher taxes. ... I do think we're our brother's keeper but I think that attacking that which creates all things, is not the right way to go about it.[39]

After Obama won the 2008 presidential election, there was speculation that Dimon would serve in the Obama Administration as Secretary of the Treasury. Obama eventually named the president of the Federal Reserve Bank of New York, Timothy Geithner, to the position.[40]

Following the acquisition of Washington Mutual by JPMorgan Chase, Obama commented on 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 (now Wells Fargo).

You know, keep in mind, though there are a lot of banks that are actually pretty well managed, JPMorgan being a good example, Jamie Dimon, the CEO there, I don't think should be punished for doing a pretty good job managing an enormous portfolio.[41]

Dimon has had close ties to some people in the Obama White House, including former Chief of Staff Rahm Emanuel.[42] Dimon was one of three CEOs--along with Lloyd Blankfein and Vikram Pandit--said by the Associated Press to have had liberal access to former Treasury Secretary Timothy Geithner.[43][44] Nonetheless, Dimon has often publicly disagreed with some of Obama's policies.[45]

On the May 15, 2012, episode of ABC's The View, Obama responded to a question from Whoopi Goldberg regarding JPMorgan Chase's recently publicized $2 billion trading losses by defending Dimon against allegations of irresponsibility, saying, "first of all, JP Morgan is one of the best managed banks there is. Jamie Dimon, the head of it, is one of the smartest bankers we've got", but added, "it's going to be investigated".[46]

In December 2016, Dimon joined a business forum assembled by then president-elect Donald Trump to provide strategic and policy advice on economic issues.[47]

London Whale

In the case of the 2012 JPMorgan Chase trading loss, according to a US Senate report published in March 2013 after 9 months of investigation,[48] Dimon misled investors and regulators in April as losses rose dangerously to $6.2 billion on a "monstrous" derivatives bet made by the so-called "London Whale" Bruno Iksil. According to Carl Levin, chairman of this panel, JP Morgan had "a trading operation that piled on risk, ignored limits on risk taking, hid losses, dodged oversight and misinformed the public". Dimon dismissed press accounts of possible losses in Iksil's book as a "tempest in a teapot" on April 13, 2012 when he knew that Iksil had already lost $1 billion, which led Levin to say "None of those statements made on April 13 to the public, to investors, to analysts were true," and "The bank also neglected to disclose on that day that the portfolio had massive positions that were hard to exit, that they were violating in massive numbers key risk limits."[49][50]

Dimon corrected that wrong information a month later, in May 2012, before the true damage was revealed, after US Securities and Exchange financial watchdog started reviewing the losses.[51]

Personal life

In 1983, Dimon married Judith Kent, whom he met at Harvard Business School. They have three daughters: Julia, Laura, and Kara Leigh.[52] Dimon was diagnosed with throat cancer in 2014.[53] He received eight weeks of radiation and chemotherapy ending in September 2014.[54]

References

  1. ^ a b Blood, David; Noonan, Laura (July 23, 2017). "Bank chief executives' pay 2016". Financial Times. Retrieved 2017. 
  2. ^ "JPMorgan Chase CEO Jamie Dimon Now a Billionaire". Fortune.com. 2015-06-03. Retrieved . 
  3. ^ Hugh Son; Pamela Roux (2015-06-03). "Jamie Dimon Is Now a Billionaire, and He Got There in an Unusual Way - Bloomberg Business"Paid subscription required. Bloomberg.com. Retrieved . 
  4. ^ [1] Archived October 19, 2012, at the Wayback Machine.
  5. ^ "Board of Directors". Ny.frb.org. Retrieved . 
  6. ^ [2] Archived July 12, 2011, at the Wayback Machine.
  7. ^ Rojas, Claudio. "Eclipse of the Public Corporation Revisited: Concentrated Equity Ownership Theory". The University of Oxford. Retrieved 2017.  ("Founder centrism, an inclusive concept within Concentrated Equity Ownership (CEO) theory, integrates the capacity of both founder and non-founder senior leadership to adopt an owner's mindset in traditionally structured corporations, such as Thomas J. Watson Sr. and Thomas Watson Jr. with IBM, Steve Jobs and Tim Cook with Apple, Jamie Dimon with JPMorgan Chase, Lloyd Blankfein with Goldman Sachs... and many others. In substance, all fall within the ambit of founder centrism".)
  8. ^ [3]
  9. ^ "JPMorgan's Dimon gets $23 million for 2011 and bragging rights - Fortune". Finance.fortune.cnn.com. 2012-04-04. Archived from the original on 2014-04-03. Retrieved . 
  10. ^ a b Touryalai, Halah (January 24, 2014). "Jamie Dimon Gets $20 Million For His Worst Year As CEO, Why The Big Raise?". Forbes. 
  11. ^ Lee, MJ (May 14, 2012). "10 facts about Jamie Dimon". Politico. Retrieved 2012. 
  12. ^ "Class of 1938 Alumnus Achievement Award". The Browning School. Retrieved 2012. 
  13. ^ Yang, Jia-Lynn (September 22, 2009). "The secret to Jamie Dimon's luster". Fortune. Retrieved 2015. 
  14. ^ Langley, Monica. Tearing Down the Walls: How Sandy Weill Fought His Way to the Top of the Financial World... and then Nearly Lost it All. Simon & Schuster, 2003, p. 50
  15. ^ "Jamie Dimon". newyorkfed.org. 1 December 2015. 
  16. ^ Langley, Monica. Tearing Down the Walls: How Sandy Weill Fought His Way to the Top of the Financial World... and then Nearly Lost it All. Simon & Schuster, 2003, p.74
  17. ^ Langley, 2003, p.74"
  18. ^ "Business Leaders: JPMorgan Chase's Jamie Dimon". Fox Business Network. April 20, 2012. 
  19. ^ Langley, Monica. Tearing Down the Walls: How Sandy Weill Fought His Way to the Top of the Financial World... and then Nearly Lost it All. Simon & Schuster, 2003, p.321
  20. ^ Nathans Spiro, Leah (June 30, 1997). "Too crowded under Traveler's umbrella?". BusinessWeek. 
  21. ^ Barrett, Paul M. (November 1, 2009). "I, Banker". The New York Times. 
  22. ^ Rakesh Khurana, Searching for a Corporate Savior: The Irrational Quest for Charismatic CEOs (Princeton University Press, 2002)
  23. ^ "Board Member Bios". JPMorgan Chase. 
  24. ^ "The Market's Best Managers - Forbes.com". Archive.is. Archived from the original on 2012-07-31. Retrieved . 
  25. ^ [4] Archived January 18, 2016, at the Wayback Machine.
  26. ^ Braithwaite, Tom (2011-09-26). "Dimon in attack on Canada's bank chief". FT.com. Retrieved . 
  27. ^ A (2012-05-14). "Two billion dollar 'hedge' | FT Alphaville". Ftalphaville.ft.com. Retrieved . 
  28. ^ "More Bad News For JPMorgan As FBI Gets Involved". Forbes.com. Retrieved . 
  29. ^ "Interview - JPMorgan CEO Jamie Dimon on Regulation, Volcker Rule; Some of the Global Regulations Are "Un-American"". GuruFocus.com. Retrieved . 
  30. ^ "Executive Committee 2015-2016". The Business Council. Archived from the original on 2013-07-21. Retrieved . 
  31. ^ a b Jim Kim (2008-10-13). "TARP details emerge - FierceFinanceIT". Fiercefinance.com. Archived from the original on 2013-08-27. Retrieved . 
  32. ^ "Tracking the $700 Billion Bailout - The New York Times". Projects.nytimes.com. Archived from the original on 2010-02-20. Retrieved . 
  33. ^ "Too Big to Fail Book". The New York Times. November 12, 2009.
  34. ^ "JP Morgan Chase's Premature Evacuation". GuruFocus.com. Retrieved . 
  35. ^ "JP Morgan Chase's Premature Evacuation". GuruFocus.com. Retrieved . 
  36. ^ "Archived copy". Archived from the original on 2010-06-13. Retrieved . 
  37. ^ "Uncovered TARP Docs Reveal How Paulson Forced Bankers To Take Cash". Business Insider. 2009-05-13. Retrieved . 
  38. ^ Weiner, Rachel (June 14, 2012). "Jamie Dimon, Democrat?". The Washington Post.
  39. ^ a b Summers, Juana (May 13, 2012). "Dimon: I'm 'barely a Democrat'". Politico.
  40. ^ Wingfield, Brian; Moyer, Liz (November 7, 2008). "Obama's Economic Plan". Forbes. Retrieved 2012. 
  41. ^ "Obama: No 'Easy Out' for Wall Street". ABC News. February 10, 2009. Retrieved 2011. 
  42. ^ "In Washington, One Bank Chief Still Holds Sway". The New York Times. July 18, 2009.
  43. ^ "Mr. Geithner Wall Street is on Line 1 (again)". NBC News. Associated Press. October 8, 2009.
  44. ^ Blumberg, Alex (October 9, 2009). "Rewriting The Rules Of The Financial System". Morning Edition - Planet Money. NPR. 
  45. ^ "How Obama and Dimon Drifted Apart". The New York Times. June 17, 2010.
  46. ^ [5]
  47. ^ Bryan, Bob (2 Dec 2016). "Trump is forming an economic advisory team with the CEOs of Disney, General Motors, JPMorgan, and more". Business Insider. Retrieved 2017. 
  48. ^ Carl Levin, John McCain (March 14, 2013). Jpmorgan Chase Whale Trades: A Case History of Derivatives Risks and Abuses. Majority And Minority Staff Report, United States Senate Permanent Subcommittee on Investigations, Committee on Homeland Security and Governmental Affairs. p. 307. Archived from the original on October 31, 2013. 
  49. ^ Kopecki, Dawn (16 March 2013). "JPMorgan Report Piles Pressure on Dimon in Too-Big Debate"Paid subscription required. Bloomberg. Retrieved 2013. 
  50. ^ Kopecki, Dawn (14 March 2013). "JPMorgan Misled Investors, Dodged Regulators, Senate Report Says"Paid subscription required. Bloomberg. Retrieved 2013. 
  51. ^ The Guardian, "JP Morgan trader 'London Whale' blows $13bn hole in bank's value"
  52. ^ Last Man Standing, p. 22
  53. ^ "JP Morgan boss Jamie Dimon to carry on despite cancer". BBC News. July 1, 2014. 
  54. ^ WSJ VOL. CCLXIV No. 62 p.. A1 "JP Morgan Chief Slows a Little to fight cancer

External links

Business positions
Preceded by
William Harrison
President of JPMorgan Chase
2004-present
Incumbent
Chief Executive Officer of JPMorgan Chase
2006-present
Chair of JPMorgan Chase
2007-present

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