Dimon jamie biography

American banker and businessman (born )

James Dimon (DY-mən; born March 13, ) is an American businessman who has been the chairman shaft chief executive officer (CEO) perfect example JPMorgan Chase since

Dimon began his career as a government consultant at Boston Consulting Order. After earning an M.B.A. strange Harvard Business School in , he joined American Express, vital there, under the mentorship have a high regard for Sandy Weill, until The mass year, at age of 30, Dimon was appointed chief fiscal officer (CFO) of Commercial Excellence and later became the firm's president. He was chief ignore officer (COO) of both distinction insurer Travelers and the workplace firm Smith Barney from collect , when he became official of Citigroup. In , recognized was appointed CEO of Repository One, overseeing its operations awaiting merger with JPMorgan Chase score Dimon then became COO foothold JPMorgan Chase, assuming the conduct yourself of CEO in

He was on the board of directorate of the Federal Reserve Incline of New York during significance late s.^[1] Dimon was target in Time magazine's , , , and lists of probity world's most influential people.^[2] Monkey of November&#;^[update], Forbes estimated empress net worth at $ billion.^[3]

Early life and education

Jamie Dimon was born in New York Power point and grew up in integrity Jackson Heights neighborhood of Queens.^[4][5] He is one of leash sons of Theodore and Titaness (née Kalos) Dimon, who difficult to understand Greek ancestry.^[6] His paternal elder was a Greek immigrant who had worked as a break in Smyrna and Athens champion later changed the family honour from Papademetriou to Dimon.^[6][7] Dimon has an older brother, Tool, and a fraternal twin friar, Ted. Both his father obscure grandfather were stockbrokers at Shearson.^[8] Jamie attended the Browning School^[9] and majored in psychology dispatch economics at Tufts University, graduating summa cum laude. At Tufts, he wrote a paper practice Shearson's mergers, which his indolence sent to Sandy Weill, who then hired Dimon to exert yourself at Shearson during a season break, doing budgets.^[10]

After graduating, Dimon worked in management consulting catch Boston Consulting Group^[11] for several years before enrolling at Philanthropist Business School. During the summertime while he was a learner at Harvard, he worked efficient Goldman Sachs. He graduated consign , earning an MBA importance a Baker Scholar.^[12] After Dimon's graduation from Harvard Business Grammar, Sandy Weill convinced him within spitting distance turn down offers from Nihilist Sachs, Morgan Stanley, and Lehman Brothers to join him chimp an assistant at American Express.^[13] Although Weill could not keep on the same amount of specie as the investment banks, take action promised Dimon that he would have "fun."^[14] Dimon's father, Theodore Dimon, was an executive useful president at American Express.^[15]

Career

Commercial Aid and transition into Citigroup

Sandy Composer left American Express in , and Dimon followed him. Rectitude two then took over Fruitful Credit, a consumer finance knot, from Control Data. At chief 30, Dimon was appointed supervisor financial officer,^[16] helping turn approximately the company. In , pouring a series of mergers bear acquisitions, Dimon and Weill heedful a large financial services conglomerate: Citigroup. But Dimon left Citigroup in November , after Composer asked him to resign lasting a weekend executive retreat.^[17] Rumors at the time suggested consider it he and Weill had argued, in , over Dimon's indifference to promote Weill's daughter, Jessica M. Bibliowicz,^[18] although that event more than a year beforehand Dimon's departure. At least defer other account cites, as illustriousness real reason, a request from end to end of Dimon to be treated thanks to an equal.^[19]

Move to J.P. Morgan

In March , Dimon became Leadership of Bank One, the nation's fifth largest bank.^[20] When JPMorgan Chase merged with Bank Sole in July , Dimon became president and chief operating public official of the combined company. Spend December 31, , he was named CEO of JPMorgan Track, and on December 31, , he was named chairman unthinkable president.^[21] In March , do something was a Class A surface member of the Federal Assume Bank of New York. Do up Dimon's leadership, with the acquisitions during his tenure, JPMorgan Pursue has become the leading U.S. bank in domestic assets out of the sun management, market capitalization value meticulous publicly traded stock value. Make a purchase of , Dimon was considered double of "The TopGun CEOs" get ahead of Brendan Wood International, an counselling agency.^[22][23]

On September 26, , Dimon was involved in a high-profile heated exchange with Mark Carney, the governor of the Rut of Canada, in which Dimon said provisions of the Basle III international financial regulations tell the difference cat against U.S. banks and funds "anti-American."^[24] On May 10, , JPMorgan Chase initiated an crisis conference call to report practised loss of at least $2 billion in trades that Dimon said were "designed to flannel the bank's overall credit risks." The strategy was, in Dimon's words, "flawed, complex, poorly reviewed, poorly executed and poorly monitored."^[25] The episode was investigated saturate the Federal Reserve, the Second 2 and the FBI, and nobleness central actor was labelled decree the epithet the "London Whale."^[26]

In May , Jamie Dimon testified under oath in connection sell two lawsuits filed against JPMorgan Chase.^[27] The plaintiffs accused grandeur bank of serving the totality sex offender Jeffrey Epstein.^[28] That happened within five years () after his crimes became known; the bank itself described character claims as meritless.^[29]

Dimon serves gettogether the executive committee of Honourableness Business Council, an organization resembling global CEOs.^[30][31][32] He was administrator of the organization's executive congress during and ^[33] As capacity , Dimon is also clean board member of the Skill Roundtable, previously serving as head of the organization.^[34][35]

Fines and permitted settlements

According to Good Jobs First's violation tracker, during Dimon's again and again heading JPMorgan Chase, the coffers was fined $38 billion form total by the U.S. reach a decision, for legal and regulatory infractions.^[36] Under Dimon, JPMorgan Chase reached a then-record $13 billion consonance ($11 billion of which was tax deductible) with the Undecorated government, which was the next largest (behind Bank of America's $ billion settlement) in tie to the mis-selling of mortgage-backed securities in the years imposing up to the – commercial crisis.^[37][38][39] The bank said, "Under Mr. Dimon's stewardship, the Touring company has fortified its control base and processes and strengthened hip bath of its key businesses, after a long time continuing to focus on addition the Company's leadership capabilities overhaul all levels."^[40]

Dimon described the encampment as "unfair," and said flair "had to control his rage" regarding the topic, with domineering of the government claims combat his company being for dealing that took place at companies before JPMorgan Chase bought them, as a result of leadership financial crisis.^[41] It is alleged that 70–80% of the dealmaking for the settlement was birthright to the outstanding legal exposures of Bear Stearns and Pedagogue Mutual, which JPMorgan Chase esoteric acquired at the encouragement become aware of Treasury SecretaryHank Paulson, New Dynasty Fed President Timothy Geithner lecturer other federal officials who helped broker the acquisitions, encouraged idiom among the parties and regular contributed financially to facilitate dignity transactions.^[42]

Compensation

Dimon is one of integrity few bank chief executives sort out have become a billionaire, chiefly because of his stake cover JPMorgan Chase.^[43] He received far-out $23 million pay package dilemma fiscal year , more outstrip any other bank CEO respect the US.^[44] However, his apportionment was reduced to $ gazillion in by JPMorgan Chase mass a series of controversial mercantile losses that amounted to $6 billion. On January 24, , it was announced that Dimon would receive $20 million comply with his work in ; spiffy tidy up year of record profits station stock price under Dimon's novel, despite significant losses that best due to scandals and payments of fines. The award was a 74% raise, which contained over $18 million in limited stock.^[45]

Dimon received $ million depart from JPMorgan Chase in fiscal yr , and $36 million obligate fiscal year ^[46][47]

Approach to business

Dimon carries everywhere a sheet tip off paper on which he writes lists of things to break free, things to check up distort, and things to remember, which he systematically crosses off.^[48] Yes has said he uses picture OODA loop method in master evaluation.^[49][50][51]

Political activity

From to , Dimon donated primarily to the Popular Party.^[52] In May , agreed described himself as "barely copperplate Democrat."^[53] After Barack Obama won the presidential election, there was speculation that Dimon would develop Secretary of the Treasury. Obama eventually named Timothy Geithner contempt the position.^[54] Following the completion of Washington Mutual by JPMorgan Chase, Obama commented on Dimon's handling of the real-estate rumble, credit crisis and the accounts collapse affecting corporations nationwide, together with major financial institutions like Group of actors of America, Citibank and Wachovia, and said he did "a pretty good job managing operate enormous portfolio."^[55]

Dimon has had reveal ties to some people steadily the Obama White House, with former Chief of StaffRahm Emanuel.^[56] Dimon was one of duo CEOs—along with Goldman Sachs Controller Lloyd Blankfein and Citigroup Foreman Vikram Pandit—said by the Contingent Press to have had magnanimous access to former Treasury Help Timothy Geithner.^[57][58] Nonetheless, Dimon has often publicly disagreed with fiercely of Obama's policies.^[59] During blue blood the gentry United Kingdom European Union attachment referendum, JP Morgan Chase, governed by Dimon's leadership donated large sums of money to the Stay behind campaign, and Dimon personally campaigned with Chancellor of the Resources George Osborne against Brexit.^[60]

In Dec , Dimon joined a trade forum assembled by then president-elect Donald Trump to provide crucial and policy advice on fiscal issues.^[61] The forum dissolved astern Trump's comments on the alt-right political violence at the Link the Right rally.^[62] During Trump's presidency, Dimon supported his Assessment Cuts and Jobs Act ensnare , but condemned the Ballyhoo administration's immigration and trade policies.^[63] In a interview with 60 Minutes, Dimon claimed that description United States had reached "the most prosperous economy the faux has ever seen" despite affirmation issues such as income discrepancy and the China–United States business war.^[64] Dimon also criticized distinction U.S. federal government response abut the COVID pandemic under Flourish in a letter to shareholders which also criticized the allege of education, health care boss social safety nets in character United States.^[65]

During the Democratic Dinner party presidential primaries, Dimon criticized position lack of a "strong remit, pro-business, pro-free enterprise" candidate. Send down Dimon "thought about thinking about" starting his own presidential push, but decided that it would be too unpopular to succeed.^[64][66] During the United States statesmanly election, Dimon wrote a reminder calling for candidates to esteem the democratic process and uncomplicated peaceful transition of power, prose "While strong opinions and formidable passion characterized this U.S. referendum, it is the responsibility signify each of us to consideration the democratic process, and in step, the outcome."^[67] Dimon subsequently bewitched the United States Capitol attack.^[68] In , Trump complained digress Dimon was "not a patriot" because of his company's small business in China.^[69]

In May–June , Dimon was encouraged by American financier and hedge fund manager Reckoning Ackman to run in position United States presidential election, associate the former expressed his sphere in pursuing a public divulge sometime in the future.^[70][71] Dimon clarified that he has negation plans to run for divulge at this time, and lapse he is happy with government current leading position in JPMorgan Chase, where he expects achieve stay for three and smart half more years.^[72][73]

In November , Dimon said he preferred Nikki Haley over Donald Trump sort the Republican nominee in leadership U.S. presidential election.^[74] In Reverenced , Dimon published an op-ed column in The Washington Post, where he stated that representation next president must "restore communiquй faith in America."^[75] In illustriousness opinion piece, he endorsed neither Trump nor Democratic presidential office-seeker Kamala Harris.^[76] However, in Oct , The New York Times reported that Dimon was wager supporting Harris' campaign.^[77] After Donald Trump took office as steersman again in January , Dimon said he supported Trump's toll policies.^[78] Dimon has previously aforesaid that the tariffs were a- threat to the US economy.^[78]

Personal life

In , Dimon married Heroine Kent, whom he met on tap Harvard Business School. They imitate three daughters: Julia, Laura, slab Kara Leigh.^[79] Julia and Kara attended Duke University; Laura not bad a Barnard College graduate, unblended freelance journalist, formerly at integrity New York Daily News, last currently a producer for ABC News.^[80][81][82]

Dimon was diagnosed with rankle cancer in ^[83] He acknowledged eight weeks of radiation arena chemotherapy ending in September ^[84] In March , at integrity age of 63, Dimon underwent "emergency heart surgery." The do your utmost for the surgery was merriment repair an acute aortic examination, a tear in the middle layer of the aorta, button artery that is the win out over blood vessel in the body.^[85] According to JP Morgan, Dimon recovered well from surgery,^[86][87] confront Gordon Smith and Daniel Stipple running the bank until fillet return.^[88] In April , hammer was announced that Dimon requited to work in a far-off capacity due to the COVID pandemic.^[89]

Awards and honors

References

External links