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Jamie Dimon

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Jamie Dimon

Jamie Dimon
Dimon at the JPMorgan Healthcare Investment Conference, January 8, 2013
Born James Dimon
(1956-03-13) March 13, 1956
New York, New York, U.S.
Residence Upper East Side, Manhattan
Ethnicity Greek
Alma mater Tufts University (B.A.)
Harvard University (M.B.A.)
Occupation JPMorgan Chase
Salary US$20 million (2013, 2014)[1][2]
Political party Democratic
Board member of Federal Reserve Bank of New York
Religion Greek Orthodox
Spouse(s) Judith Kent
Children Julia Dimon
Laura Dimon
Kara Leigh Dimon
Parent(s) Theodore Dimon
Themis Kalos

James "Jamie" Dimon (; born March 13, 1956) is an American business executive. He is chairman, president and chief executive officer of Big Four American banks, and previously served on the Board of Directors of the Federal Reserve Bank of New York.[3][4] 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.[5]

He was named the CEO of the Year in 2011.[6][7][8]

He received a $23 million pay package for fiscal year 2011, more than any other bank CEO in the United States.[9] Dimon received $20 million in compensation for his work in fiscal year 2013.[10]

Contents

  • Early life 1
  • Career 2
    • Federal TARP funds 2.1
  • Relations with the Obama Administration 3
  • London Whale 4
  • Personal life 5
  • Fictional portrayals 6
  • References 7
  • External links 8

Early life

Dimon was born in New York City to Theodore and Themis (née Kalos) Dimon, one of three sons. He is of Greek descent[11] and attended Browning School.[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 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 Lehman Brothers to join him as an assistant at American Express.[15] Although Weill could not offer the same amount of money as the investment banks, Weill promised Dimon that he would have "fun".[16] 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.[17]

Career

In a power struggle , 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. 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, after being asked to resign by Weill during a weekend executive retreat.[18] It was rumored at the time that he and Weill argued in 1997 over Dimon's not promoting Weill's daughter, Jessica M. Bibliowicz,[19] although that happened over a year before Dimon's departure. Many other accounts cite other, more substantive, issues as the real reasons.[20] 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.

In March 2000, Dimon became CEO of 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 chief executive officer of JPMorgan Chase and on December 31, 2006, he was named chairman of the board.[22]

In March 2008 he was a Class A board member of the Federal Reserve Bank of New York.

Jamie Dimon in 2012

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.[23][24]

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".[25]

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".[26] The episode is being investigated by the Federal Reserve, the SEC, and the FBI.[27]

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.”[28]

He served as Chairman of the Executive Committee of The Business Council for 2011 and 2012.[29]

In October 2013, it was reported that Dimon had given up his role as chairman of JP Morgan's main banking business to be succeeded by former Johnson & Johnson chief executive William Weldon. Dimon retained his roles as chairman and CEO of the parent company.[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.[34][35]

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.[36]

Relations with the Obama Administration

Dimon donates primarily to the Democratic Party.[37] In May 2012, he described himself as "barely a Democrat" [38] 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.[38]

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.[39]

Following the acquisition of 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.[40]

Dimon has had close ties to some people in the Obama White House, including former Chief of Staff Rahm Emanuel.[41] 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.[42][43] Nonetheless, Dimon has often publicly disagreed with some of Obama's policies.[44]

On the May 15, 2012, episode of ABC's [45]

London Whale

In the case of the

Business positions
Preceded by
William B. Harrison, Jr.
JPMorgan Chase CEO
2005-present
Succeeded by
Incumbent
  • Profile at JPMorgan Chase
  • Jamie Dimon at the Internet Movie Database
  • Jamie Dimon (Character) at the Internet Movie Database
  • Leah Nathans Spiro in New York (June 23, 1997). "Smith Barney's Whiz Kid. Can Jamie Dimon turn Smith Barney into a Wall Street dynamo?".  

External links

  1. ^ "JP Morgan boss Jamie Dimon pay rises to $20m in 2013".  
  2. ^ Cohan, William D. (April 2015). "Wall Street Executives from the Financial Crisis of 2008: Where Are They Now?".  
  3. ^ "Election of Directors". Federal Reserve bank of New York.
  4. ^ "Board of Directors". Federal Reserve bank of New York. Retrieved May 17, 2012.
  5. ^ "The All-America Executive Team Best CEOs", Institutional Investor.
  6. ^ "Dimon Named CEO of the Year in 2011 All-America Executive Team Survey". Institutional Investor. 2011
  7. ^ Rolling Stone
  8. ^ Businessweek.com
  9. ^ CNN Money. JPMorgan's Dimon gets $23 million for 2011 and bragging rights
  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".  
  12. ^ "Class of 1938 Alumnus Achievement Award".  
  13. ^ Yang, Jia-Lynn (September 22, 2009). "The secret to Jamie Dimon's luster".  
  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. ^ 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
  16. ^ Langley, 2003, p.74"
  17. ^ "Business Leaders: JPMorgan Chase’s Jamie Dimon".  
  18. ^ 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
  19. ^ Nathans Spiro, Leah (June 30, 1997). "Too crowded under Traveler's umbrella?". BusinessWeek. 
  20. ^ Barrett, Paul M. (November 1, 2009). "I, Banker". The New York Times. 
  21. ^ Rakesh Khurana, Searching for a Corporate Savior: The Irrational Quest for Charismatic CEOs (Princeton University Press, 2002)
  22. ^ "Board Member Bios". JPMorgan Chase. 
  23. ^ "The Market's Best Managers". Forbes.
  24. ^ "Brendan Wood International Announces 24 TopGun CEOs in the US". Reuters.
  25. ^ Braithwaite, Tom (September 26, 2011). "Dimon in attack on Canada's bank chief". Financial Times.
  26. ^ "Two Billion Dollar Hedge" Financial Times.
  27. ^ "More Bad News as FBI gets involved" Forbes.
  28. ^ http://www.gurufocus.com/news/159099/interview--jpmorgan-ceo-jamie-dimon-on-regulation-volcker-rule-some-of-the-global-regulations-are-unamerican Interview - JPMorgan CEO Jamie Dimon On Regulation & Volcker Rule, By Charlie Gasparino, FBN, Jan 24, 2012
  29. ^ The Business Council, Official website, Executive Committee
  30. ^ Trotman, Andrew (October 4, 2013). "Jamie Dimon gives up chairmanship of JPMorgan's main banking business". The Daily Telegraph (London). 
  31. ^ a b Kim, J. (October 13, 2008) "TARP details emerge"
  32. ^ Ericson, He & Schoenfeld (February 4, 2009) "Tracking the $700 Billion Bailout"
  33. ^ "Too Big to Fail Book". The New York Times. November 12, 2009.
  34. ^ a b Skinner, Chris (February 3, 2009). "JP Morgan Chase's Premature Evacuation".
  35. ^ Hertling & Kennedy (February 2, 2009) 'Grimmest' Davos Ever Brings Anger, Finger-Pointing at Bankers""
  36. ^ "Documents Reveal How Paulson Forced Banks To Take TARP Cash"
  37. ^ Weiner, Rachel (June 14, 2012). "Jamie Dimon, Democrat?". The Washington Post.
  38. ^ a b Summers, Juana (May 13, 2012). "'"Dimon: I'm 'barely a Democrat. Politico.
  39. ^ Wingfield, Brian; Moyer, Liz (November 7, 2008). "Obama's Economic Plan". Forbes. Retrieved March 2, 2012. 
  40. ^ "Obama: No 'Easy Out' for Wall Street".  
  41. ^ "In Washington, One Bank Chief Still Holds Sway". The New York Times. July 18, 2009.
  42. ^ "Mr. Geithner Wall Street is on Line 1 (again)". NBC News. Associated Press. October 8, 2009.
  43. ^  
  44. ^ "How Obama and Dimon Drifted Apart". The New York Times. June 17, 2010.
  45. ^ The View. ABC. May 15, 2012.
  46. ^  
  47. ^ Kopecki, Dawn (16 March 2013). "JPMorgan Report Piles Pressure on Dimon in Too-Big Debate".  
  48. ^ Kopecki, Dawn (14 March 2013). "JPMorgan Misled Investors, Dodged Regulators, Senate Report Says".  
  49. ^
  50. ^ McDonald, Duff. Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase p. 23
  51. ^ Last Man Standing, p. 22
  52. ^ "JP Morgan boss Jamie Dimon to carry on despite cancer".  
  53. ^ WSJ VOL. CCLXIV No. 62 p.. A1 "JP Morgan Chief Slows a Little to fight cancer

References

Dimon is portrayed by Bill Pullman in the 2011 HBO film Too Big to Fail and by Michael Brandon in the BBC TV film The Last Days of Lehman Brothers.

Fictional portrayals

Dimon was diagnosed with throat cancer in 2014.[52] He received eight weeks of radiation and chemotherapy ending in September 2014.[53]

In 1983, Dimon married Judith Kent, whom he met at Harvard Business School. They were married by a rabbi, as Kent is Jewish.[50] They have three daughters: Julia, Laura, and Kara Leigh.[51]

Personal life

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.[49]

[48][47]

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