Dimon's father and grandfather were both stockbrokers at Shearson. Aguzin is currently chief executive officer of JP Morgan’s International Private Bank and a member of the Operating Committee for the firm’s asset and wealth management business. [16] Although Weill could not offer the same amount of money as the investment banks, Weill promised Dimon that he would have "fun". Jamie Dimon, the head of it, is one of the smartest bankers we've got", but added, "it's going to be investigated". Jamie Dimon, chief executive officer of JPMorgan Chase, speaks during the Institute of International Finance (IIF) annual membership meeting in Washington, D.C., on Oct. 18, 2019. 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 left Citigroup in November 1998, after being asked to resign by Weill during a weekend executive retreat. He joined JP Morgan in 1990 and was chairman and CEO for the Asia Pacific Region from 2012 to 2020. Please review its terms, privacy and security policies to see how they apply to you. [29], Dimon commented on the Volcker Rule in January 2012, "Part of the Volcker Rule I agreed with, which is no prop trading. [34] 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. [60] In March 2020, at the age of 63, Dimon underwent "emergency heart surgery." Jamie Dimon, pictured above, is the CEO of J.P. Morgan which is one of the biggest banks in the US. At Bank One he was Chairman and Chief Executive Officer from March 2000 to July 2004. [50], 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,[51] 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. "[52][53], 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. JPMorgan Chase & Co.'s website terms, privacy and security policies don't apply to the site or app you're about to visit. 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 (later acquired by Wells Fargo). [6], Dimon is one of the few bank chief executives to become a billionaire, thanks in part to a US$485 million stake in JPMorgan Chase. He had been President from 2004 until 2018 and Chief Operating Officer from 2004 until 2005 following JPMorgan Chase’s merger with Bank One Corporation. The announcement was made in an memo to employees signed by CEO Jamie Dimon and co-Presidents and Chief Operating Officers Daniel Pinto and Gordon Smith. [20] It was rumored at the time that he and Weill argued in 1997 over Dimon's not promoting Weill's daughter, Jessica M. Bibliowicz,[21] although that happened over a year before Dimon's departure. 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.[40]. They have to be considered simultaneously. [3][4] Dimon was included in Time magazine's 2006, 2008, 2009, and 2011 lists of the world's 100 most influential people. “If you continue to build a great company, the stock price will take care of itself.” Mr. Dimon does not serve on the board of any publicly traded company other than JPMorgan Chase. The letter was released as part of the company’s 2018 Annual Report. [5] Dimon's net worth is estimated at $1.7 billion. [7] He received a $23 million pay package for fiscal year 2011, more than any other bank CEO in the US. I want jobs. CCLXIV No. He had been President from 2004 until 2018 and Chief Operating Officer from 2004 until 2005 following JPMorgan Chase’s merger with Bank One Corporation. HKEX hires JP Morgan banker as new CEO By Jonathan Breen. The appointment of a non-Chinese person as head of the Hong Kong stock … [8] However, his compensation was reduced to $11.5 million in 2012 by JPMorgan Chase following a series of controversial trading losses amounting to $6 billion. And access to the full breadth of JPMorgan Chase. [32] 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. Going back further, its predecessors include major banking firms among which are Chemical Bank, Manufacturers Hanover, First Chicago Bank, National Bank of Detroit, Texas Commerce Bank, Providian Financial and Great Western Bank. Please review its terms, privacy and security policies to see how they apply to you. JPMorgan Chase Institute research reveals that 50% of small businesses have less than 15 cash buffer days, reinforcing why small businesses are being heavily disrupted by the current crisis and will feel the effects for a significant period of time – even as more capital … Jamie Dimon, JPMorgan’s chairman and chief executive, congratulated Duckett on her new job and called her an “outstanding leader and role model,” in a statement from the bank. JPMorgan Chase, in its current structure, is the result of the combination of several large U.S. banking companies since 1996, including Chase Manhattan Bank, J.P. Morgan & Co., Bank One, Bear Stearns and Washington Mutual. [48], 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. [25][26], 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". Several wall street stakeholders alongside successful investors and billionaire have refused to join the Bitcoin bandwagon. 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. Oliur February 20, 2014 Leave a Comment. JPMorgan Chase & Co. isn't responsible for (and doesn't provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the JPMorgan Chase & Co. name. The reason for the surgery was to repair an acute aortic dissection, a tear in the inner layer of the aorta, an artery that is the largest blood vessel in the body. He has an older brother, Peter, and a fraternal twin brother, Ted. They have three daughters: Julia, Laura, and Kara Leigh. "[33], 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). [14], After graduating, he worked in management consulting for two years before enrolling at Harvard Business School, along with classmates Jeff Immelt, Steve Burke, Stephen Mandel, and Seth Klarman. To policymakers, I say where were they? The company's oldest predecessor institution, the Ba… Dimon donates primarily to the Democratic Party. Sophisticated lending strategies. [61] According to JP Morgan, Dimon recovered well from surgery,[62][63] with Gordon Smith and Daniel Pinto running the bank until his return. Jamie Dimon (/ˈdaɪmən/; born March 13, 1956) is an American billionaire businessman. At 30 years of age, Dimon served as the chief financial officer, helping to turn the company around. See the full leadership team at Craft. Maverick: Advancing Black Pathways has been started by JPMorgan Chase. Highly specialized financial professionals. JP Morgan boss Jamie Dimon is paid $31.5m after decrying income inequality. [41] In May 2012, he described himself as "barely a Democrat"[42] stating, I've gotten disturbed at some of the Democrats' anti-business behavior, the attacks on work ethic and successful people. And part of that is because we have enormous market making. [18], Sandy Weill left American Express in 1985 and Dimon followed him. [55] Julia and Kara attended Duke University, while Laura is a Barnard College graduate and freelance journalist who formerly worked for New York Daily News. We put together a council to really focus on three areas of concern for black people in this country. In 2009, Dimon was considered one of "The TopGun CEOs" by Brendan Wood International, an advisory agency. [44], Dimon has had close ties to some people in the Obama White House, including former Chief of Staff Rahm Emanuel. Policy Engagement & Political Participation. But market making is an essential function. The compensation package includes $25 million in … At least one other account cites a request by Dimon to be treated as an equal as the real reason.[22]. Other executives include Diana Farrell, Founder; Marc Badrichani, Head of Global Sales & Research and 17 others. On Friday (January 15), during the JPMorgan Chase Q4 2020 Earnings Call, CFO Jennifer Piepszak and Chairman and CEO Jamie Dimon talked about blockchain technology and the “very very tough competition” in the next 10 years against FinTech firms. The award was a 74% raise, which included over $18 million in restricted stock. I don't mind paying higher taxes. James Dimon became Chairman of the Board on December 31, 2006, and has been Chief Executive Officer since December 31, 2005. ", "Laura Dimon, daughter of Jamie, catches on at Daily News", "JP Morgan boss Jamie Dimon to carry on despite cancer", "JPMorgan CEO Jamie Dimon undergoes emergency heart surgery", "Should Jamie Dimon, Wall Street's most celebrated boss, call it a day? Prior to this, from 2012 to 2020, Mr Aguzin was CEO, JP Morgan, Asia Pacific where he oversaw and led JP Morgan’s growth in China, and the region. Through a series of mergers and acquisitions, in 1998 Dimon and Weill were able to form a large financial services conglomerate, Citigroup. According to Jamie Dimon, chairman and CEO of JPMorgan Chase, the most successful leaders have certain key traits. The strategy was, in Dimon's words, "flawed, complex, poorly reviewed, poorly executed, and poorly monitored". ; JPMorgan Chase CEO Jamie Dimon receives the Golden Plate Award from the Mayor of Chicago, Richard M. Daley", "JPMorgan Chase & Co.'s Jamie Dimon to be Honored as The Executives' Club of Chicago's 2010 International Executive of the Year", "NACD Announces the 2011 Directorship 100, Honorees include JPMorgan Chase's Jamie Dimon, Netflix' Reed Hastings and Starbucks Corporation's Mellody Hobson", "Intrepid's 21st Annual Salute to Freedom Gala", "Jamie Dimon and Luis Carlos Sarmiento Angulo Honored at Americas Society 36th Annual Spring Party", "Smith Barney's Whiz Kid. Here's how the CEO became one of the richest men in banking", "Jamie Dimon Is Now a Billionaire, and He Got There in an Unusual Way", "JPMorgan's Dimon gets $23 million for 2011 and bragging rights – Fortune", "Class of 1938 Alumnus Achievement Award", "The bankers that define the decades: Jamie Dimon, JPMorgan Chase", "The Market's Best Managers - Forbes.com", "Two billion dollar 'hedge' | FT Alphaville", "More Bad News For JPMorgan As FBI Gets Involved", "Interview – JPMorgan CEO Jamie Dimon on Regulation, Volcker Rule; Some of the Global Regulations Are "Un-American, "Jamie Dimon Gets $20 Million For His Worst Year As CEO, Why The Big Raise? We've got plenty of capital. This Letter By J.P. Morgan CEO To A Pretty Girl Seeking A Rich Husband Is Amazing. [9], Dimon was born in New York City, one of three sons of Greek immigrants Theodore and Themis (née Kalos) Dimon,[10] and attended The Browning School. — JPMorgan Chase CEO Jamie Dimon “We do not worry about the stock price in the short run,” Dimon wrote. During the summer at Harvard, he worked at Goldman Sachs. Director since 2004 and Chairman of the Board of Bank One Corporation from 2000 to 2004. [45] 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. Through a series of mergers and acquisitions, in 1998 Dimon and Weill were able to form a large financial services conglomerate, Citigroup. [24] In March 2008 he was a Class A board member of the Federal Reserve Bank of New York. [23] When JPMorgan Chase purchased Bank One in July 2004, Dimon became president and chief operating officer of the combined company. Aguzin, currently heads JPMorgan’s international private bank, will replace fellow former JPMorgan banker Charles Li, who announced his resignation as CEO of the bourse in May.. Before joining Bank One, Mr. Dimon held a wide range of executive roles at Citigroup Inc., the Travelers Group, Commercial Credit Company and American Express Company. JP Morgan CEO, others who oppose Bitcoin As much as the list of crypto bulls cannot be exhausted, the number of those who oppose the digital assets outside JP Morgan CEO cannot be exhausted. [38][39], JPMorgan Chase was arguably the healthiest of the nine largest U.S. banks and did not need to take TARP funds. Chairman of the Board and Chief Executive Officer. ", "Tracking the $700 Billion Bailout – The New York Times", "Uncovered TARP Docs Reveal How Paulson Forced Bankers To Take Cash", [https://web.archive.org/web/20120615224516/http://www.politico.com/blogs/politico-live/2012/05/dimon-im-barely-a-democrat-123290.html Archived, "In Washington, One Bank Chief Still Holds Sway", "Mr. Geithner Wall Street is on Line 1 (again)", "Rewriting The Rules Of The Financial System", "The View - Watch Full TV Episodes Online - ABC.com", "Trump is forming an economic advisory team with the CEOs of Disney, General Motors, JPMorgan, and more", United States Senate Permanent Subcommittee on Investigations, Committee on Homeland Security and Governmental Affairs, "JPMorgan Report Piles Pressure on Dimon in Too-Big Debate", "JPMorgan Misled Investors, Dodged Regulators, Senate Report Says", "JP Morgan trader 'London Whale' blows $13bn hole in bank's value", "Tom Brady Called Jamie Dimon During JPMorgan's $6 Billion Loss to Tell Him to "Hang in There, "Who's a Better Writer: Jamie Dimon or His Daughter? The two then took over Commercial Credit, a consumer finance company, from Control Data. ", "JP Morgan boss Jamie Dimon back at work after heart surgery", "Is Dimon's work done at JPMorgan Chase? It has been widely reported[36] 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. James Dimon became Chairman of the Board on December 31, 2006, and has been Chief Executive Officer since December 31, 2005. At Tufts, Dimon wrote an essay on Shearson mergers; his mother sent the paper to Sandy Weill, who hired Dimon to work at Shearson doing budgets during one summer break. [56][57][58], Dimon was diagnosed with throat cancer in 2014. Building great wealth plans for visionaries like you is too. 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. The companies referenced by Dimon include well-known behemoths such as Amazon, Apple, and Google in addition to more business-focused apps such as Square, Stripe, and PayPal. At J. P. Morgan Private Bank, you’ll find all the wealth management services you need—seamlessly integrated under one roof. 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. He is the chairman and chief executive officer (CEO) of JPMorgan Chase, the largest of the big four American banks, and was previously on the board of directors of the Federal Reserve Bank of New York. [13], He majored in psychology and economics at Tufts University, where he graduated summa cum laude. And the public should recognize that we have the widest, the deepest, the most transparent capital markets in the world. JPMorgan Chase CEO Jamie Dimon has expressed his fears about the future of both traditional banks and the country at large following the growth of Big Tech into the financial industry. JPMorgan Chase CEO on Blockchain Technology and the ‘Very Very Tough Competition’ Against FinTech Firms. Photographer: Giulia Marchi/Bloomberg. Mr. Willcox was named CEO of J.P. Morgan Asset Management in May 2014 when the unit reorganized its investment management team, P&I reported. JPMorgan CEO of Chase consumer banking leaving to head TIAA Back to video Prior to leading Chase consumer banking, Duckett was the CEO of auto lending and led the home lending division’s call center group, called consumer direct. Top-shelf service. JPMorgan Chase CEO Jamie Dimon says he expects "a bad recession" and financial stress "similar to the global financial crisis" in the months ahead … ", "JPMorgan CEO Jamie Dimon returns to work after heart surgery", "Golden Plate Awardees of the American Academy of Achievement", "2006 Summit Highlights Photos: Presidential advisor David Gergen moderates a lively discussion of "Public-Private Partnerships" with Mayor Richard Daley and JPMorgan Chase CEO Jamie Dimon. Sandy Weill left American Express in 1985 and Dimon followed him. We’re pleased to share with you this year’s Letter to Shareholders from Jamie Dimon, Chief Executive Officer and Chairman of the Board of JPMorgan Chase & Co. On December 31, 2005, he was named CEO of JPMorgan Chase and on December 31, 2006, he was named Chairman and President. I… He is also on the Board of Trustees of New York University School of Medicine. 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. FILE PHOTO: Jamie Dimon, chairman & CEO of JP Morgan Chase & Co., speaks during the Bloomberg Global Business Forum in New York City, New York, U.S., September 25, … [64] In April 2020, it was announced that Dimon returned to work in a remote capacity due to the COVID-19 pandemic. Mr. Dimon is on the Board of Directors of Harvard Business School and Catalyst; Board Member of the Business Roundtable; and a member of The Business Council. JPMorgan Chase raised CEO Jamie Dimon's pay package to $31.5 million after the company's most profitable year in history. [15], After graduation from Harvard Business School, 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. In March 2000, Dimon became CEO of Bank One, the nation's fifth largest bank. It doesn't mean I don't have their values. 62 p.. A1 "JP Morgan Chief Slows a Little to fight cancer, lists of the world's 100 most influential people, "Business Roundtable Announces 2019 Leadership", "Jamie Dimon - Among the world's 100 most influential people", "Joe Biden is reportedly considering JPMorgan Chase's Jamie Dimon for a top position in his administration. I think it's very counterproductive. Please review its terms, privacy and security policies to see how they apply to you. "[30] He served as chairman of the executive committee of The Business Council for 2011 and 2012. Soledad: Wealth,education and careers are actually intertwined. JPMorgan Chase CEO Jamie Dimon is urging Americans to remain calm and keep faith in the electoral system as uncertainty continues in the presidential election. [49], In December 2016, Dimon joined a business forum assembled by then president-elect Donald Trump to provide strategic and policy advice on economic issues. J.P. Morgan’s website and/or mobile terms, privacy and security policies don’t apply to the site or app you're about to visit. 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. With the publication of JPMorgan’s shareholder report, CEO and chairman Jamie Dimon’s distilled wisdom is now on the reading rack.Once again, he demonstrates a cogent worldview that business is one part a race for numbers and at least two parts sensitivity to human nature. J.P. Morgan’s website and/or mobile terms, privacy and security policies don’t apply to the site or app you're about to visit. [54], In 1983, Dimon married Judith Kent, whom he met at Harvard Business School. J.P. Morgan’s website and/or mobile terms, privacy and security policies don’t apply to the site or app you're about to visit. [31], 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. [65], Commercial credit and transition into Citigroup, CS1 maint: bot: original URL status unknown (, WSJ VOL. Dimon left Citigroup in November 1998, after being asked to resign by Weill during a weekend executive retreat. BMO Capital Markets Chief Strategist Brian Belski provides insight on ‘Making Money with Charles Payne.’ #FoxBusinessSubscribe to Fox Business! JPMorgan Chase advertised in February 2009 that it would be using its capital-base monetary strength to acquire new businesses.[37]. Jamie Dimon says “I thought I heard it” when his aorta burst in March — leaving the JPMorgan Chase CEO on the brink of death as the US economy … Obama eventually named the president of the Federal Reserve Bank of New York, Timothy Geithner, to the position.[43]. Now they're beating up on everyone, saying look at all these mistakes, and we're going to come and fix it. 09 Feb 2021. [17] Dimon's father, Theodore Dimon, was an executive vice president at American Express. [42], After Obama won the 2008 presidential election, there was speculation that Dimon would serve in the Obama Administration as Secretary of the Treasury. [28] 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. The two then took over Commercial Credit, a consumer finance company, from Control Data. He graduated in 1982, earning an MBA as a Baker Scholar. [11] His paternal grandfather was a Greek immigrant who changed the family name from Papademetriou to Dimon to make it sound more French,[12] and worked as a banker in Smyrna (now Izmir) and Athens. JPMorgan Chase has announced executive role changes for its two top women at the firm, resulting in speculation that the largest U.S. bank might be the first to see a female CEO … [27] 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". Please review its website terms, privacy and security policies to see how they apply to you. ", Indiana Michigan Power Center (Fort Wayne), https://en.wikipedia.org/w/index.php?title=Jamie_Dimon&oldid=1009736148, American chief executives of financial services companies, CS1 maint: bot: original URL status unknown, Short description is different from Wikidata, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, 1994, The Browning School Athletic Hall of Fame, 2010, The Executives' Club of Chicago's International Executive of the Year, 2011, National Association of Corporate Directors Directorship 100, This page was last edited on 2 March 2021, at 01:51. JPMorgan Chase's Asset & Wealth Management CEO is Mary Callahan Erdoes. This is despite the recent $13 billion settlement with the US government, the largest in history, for bad mortgages and practices during the financial crisis. [46][47] [34] This was the fifth largest amount transferred under Section A of TARP[35] to help troubled assets related to residential mortgages. Dimon received $29.5 million in fiscal year 2017. At 30 years of age, Dimon served as the chief financial officer,[19] helping to turn the company around. The Hong Kong stock exchange operator (HKEX) on Tuesday tapped JPMogan Chase & Co banker Nocolas Aguzin as its chief executive. By February 2009, the U.S. government had not moved forward in enforcing TARP's intent of funding JPMorgan Chase with $25 billion. Can Jamie Dimon turn Smith Barney into a Wall Street dynamo? Hong Kong’s stock exchange named Nicolas Aguzin, who heads JPMorgan Chase & Co. ’s international private bank, as its new chief executive officer. Nonetheless, Dimon has often publicly disagreed with some of Obama's policies. Tweet on Twitter Share on Facebook Google+ Pinterest. [59] He received eight weeks of radiation and chemotherapy ending in September 2014. They approved all these banks. I want a more equitable society.