Jamie Dimon is an American businessman who is 66 years old. He is most recognized for being the CEO and Chairman of JPMorgan Chase, an American global investment bank. He also serves as Chairman of The Business Roundtable, a non-profit lobbying group.
Jamie Dimon’s net worth is estimated to be $2 billion, according to Forbes.
Dimon was also a member of the Federal Reserve Bank of New York’s board of directors earlier.
Jamie began his professional career with American Express. He later joined JPMorgan Chase, where he earned $23 million in the fiscal year 2011.
However, due to a series of issues, including a $6 billion trading loss due to the TARP transfer, his remuneration was reduced to $11.5 million in 2012.
For his efforts, he received the 2012 Intrepid Salute Award and the 2016 Americas Society Gold Medal.
Early Years and the Beginnings of a Career
James Dimon was born in 1956 to Greek immigrants Themis and Theodore in New York City, New York. Peter is his older brother, while Ted is his identical twin brother. Father and grandfather Dimon were both stockbrokers at Shearson. Dimon attended the all-boys Browning School as a child. He attended Tufts University, where he majored in economics and psychology and graduated with honors.
Before enrolling at Harvard Business School, Dimon worked in management consulting for a few years after graduating. Throughout the summer, he was employed by Goldman Sachs. In 1982, Dimon graduated with his MBA. On the recommendation of banker Sandy Weill, he declined offers from Morgan Stanley, Goldman Sachs, and Lehman Brothers to join Weill as an assistant at American Express, where his father was executive vice president.
In 1985, when Weill left American Express, Dimon followed. Together, they went on to acquire Commercial Credit, a consumer financing company. Dimon served as the chief financial officer at Commercial Credit and assisted in turning the company around. Then, in 1998, Dimon and Weill managed to build the financial services conglomerate Citigroup through a series of mergers and acquisitions. Upon Weill’s request, Dimon quit Citigroup shortly thereafter.
Jamie sold 2,3 million Citigroup shares for a pretax profit of $110 million upon leaving the company.
Personal Information About Dimon
In 1983, Jamie Dimon married his wife, Judith Kent. They met at Harvard Business School when they were both students. Dimon and his wife have three daughters: Kara Leigh, Laura, and Julia. Julia and Kara both went to Duke University. Laura, on the other hand, is a Barnard College alumna and freelance journalist who previously worked at the New York Daily News.
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As a banker in New York who had to deal with the 2008 financial crisis and suffered a lot of flak for it, Dimon’s political views are moderately left-leaning.
Dimon was diagnosed with throat cancer in 2014. He received radiation and chemotherapy for eight weeks, which finished in September 2014. At the age of 63, Dimon underwent “emergency heart surgery” to address an acute aortic dissection, which is a rupture in the inner layer of the aorta, the body’s most important blood vessel.
JP Morgan said Dimon did well following surgery and that the bank was run by Gordon Smith and Daniel Pinto until he returned. As a result of the COVID-19 outbreak, Dimon returned to work in a minor capacity in April 2020.
Banking Genius: How Jamie Dimon Got to the Top
In 1985, Sandy Weill, who had become a mentor, left American Express. Jamie soon followed, and the two went on to start Commercial Credit, a consumer lending company. Jamie, the company’s CFO, was 30 years old at the time. Due to a series of mergers and acquisitions, Commercial Credit eventually grew into the giant known as Citigroup.
Sandy terminated Jamie’s employment in 1998 for reasons that remain unknown to this day. Jamie quit the company by selling 2.3 million Citigroup shares for a $110 million pre-tax profit.
In March 2000, Jamie was named CEO of Bank One, the fifth-largest bank in the United States. When JPMorgan Chase bought BankOne in 2004, Dimon became president and COO of the company. Jamie was named CEO of JPMorgan Chase on December 31, 2005.
He was promoted to Chairman and President a year later. JPMorgan Chase is presently the largest bank in the United States. Dimon has transformed JP Morgan into one of the world’s most powerful financial institutions, with over $2.8 trillion in assets, during his tenure there.
Jamie Dimon’s Net Worth and Salary
Jamie Dimon is a 2 billion dollar billionaire investment banker and CEO from the United States. Jamie Dimon’s net worth is derived from his present position as CEO and chairman of JPMorgan Chase & Co, the largest bank in the United States. Jamie was named one of the world’s 100 most influential people by Time Magazine in 2006, 2008, 2009, and 2011.
He was also a member of the Federal Reserve Bank of New York’s board of directors. Dimon is notable for being one of the few bank CEOs to become a millionaire without having founded the company. He is one of the rare people in history who has gone from being a non-founding employee to becoming a millionaire.
Dimon became CEO of Bank One in early 2000 when it was the fifth-largest bank in the United States. When JPMorgan Chase purchased the bank four years later, Dimon was named president and chief operating officer. He was then chosen CEO of JPMorgan Chase on New Year’s Eve in 2005.
He became chairman and president exactly one year later. JPMorgan Chase became the biggest US bank in domestic assets under market capitalization value, management, and publicly traded stock value, thanks in part to acquisitions undertaken during Dimon’s leadership.
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JPMorgan Chase held an emergency conference call in May 2012 to reveal a trade loss of at least $2 billion. The trades, according to Dimon, were poorly researched and executed and were intended to protect the bank’s credit concerns.
A nine-month inquiry found that Dimon misled investors and regulators and that the bank disguised losses and avoided monitoring, according to a US Senate report. As a result, Dimon’s pay for the fiscal year 2011 was decreased. Despite the controversy and sanctions, Dimon was paid $20 million for his services in 2013, a year marked by record profits and stock prices.
Transfer of TARP Funds
In 2008, when Dimon was CEO of JPMorgan Chase, he coordinated a $25 billion transfer of money from the US Treasury Department to the bank as part of the Troubled Asset Relief Program. It was the fifth-largest sum ever provided under Section A of the Problematic Asset Relief Program (TARP) to help troubled assets tied to residential mortgages.
The government, on the other hand, had not gone forward with the money by early 2009. The arrangement was divisive because JPMorgan Chase was one of the most financially secure of all the big US banks and didn’t need the money.
Dimon earned the American Academy of Achievement’s Golden Plate Award in 2006, which was delivered by Chicago mayor Richard M. Daley. Dimon was selected International Executive of the Year by the Executives’ Club of Chicago in 2010.
Other awards include the Directorship 100 award from the National Association of Corporate Directors, the Intrepid Salute Award, and the Americas Society Gold Medal. Dimon was also named to Time magazine’s list of the world’s 100 most important people in 2006, 2008, 2009, and 2011.
Affiliations With Political Parties
Dimon is mostly associated with the Democratic Party, to which he contributes frequently. Some officials of the Obama administration, particularly former Chief of Staff Rahm Emanuel, have been close to him. He was also named by the Associated Press as one of three CEOs who had access to former Treasury Secretary Timothy Geithner, along with Vikram Pandit and Lloyd Blankfein.
Despite his Democratic leanings, Dimon frequently expressed his displeasure with several of Obama’s actions in public. He also joined a corporate forum convened by Donald Trump in December 2016 to offer policy input on economic concerns.
How Much J.p. Morgan Stock Does Jamie Dimon Own?
Dimon now owns more than 8.3 million JPMorgan shares, valuing his holdings at about $1.27 billion.