Summary.Dimon has been at the helm of JPMorgan Chase, the biggest bank in the United States, for more than 12 years. A straight-talking guy from Queens (albeit a billionaire with an MBA from Harvard Business School), he has led the bank on a steady path of growth, having weathered both the 2008 financial crisis and the “London Whale” trading scandal. Dimon calls that latter episode “the stupidest and most embarrassing situation I have ever been a part of.”
In this edited conversation with HBR’s editor in chief Adi Ignatius, Dimon talks about the public’s view of Wall Street, post-recession regulations, the risk of cyberattacks, globalism, inequity, and the rebuilding of U.S. cities. JPMorgan has a plan to invest $150 million in Detroit by 2019 to help launch small businesses, retrain workers, and revive the property market. It has announced similar investments in underserved areas of Chicago ($40 million) and Washington, DC ($10 million).
“It’s good to help society,” Dimon says. “Our customers love it; our employees love it.”
The New York Times once referred to Jamie Dimon as “America’s least-hated banker.” For a Wall Street titan, that’s about as good as it gets.
A version of this article appeared in the July–August 2018 issue (pp.124–130) of Harvard Business Review.
FAQs
JPMorgan weathered the 2008 financial crisis better than most. It was perhaps the healthiest of America's big banks but felt compelled to join others in taking billions of dollars in a government bailout—a plan meant to avoid singling out banks with truly dire problems.
How much is Jamie Diamond worth? ›
How much does the CEO of JP Morgan make? ›
In an SEC filing seen by Fortune, JPMorgan's board approved a compensation increase from $34.5 million in 2022 to $36 million for 2023. The salary package is made up of a $1.5 million base pay and $34.5 million in performance-based variable incentive compensation.
How much money did JP Morgan make? ›
Upon his death in Rome on March 31, 1913, J.P. Morgan's net worth has been estimated to have been about $80 million. 211 In 2024 dollars, that's equivalent to about $2.5 billion. Some speculate that during his career his fortune had been much larger.
Who got rich from the 2008 recession? ›
The result? When the market rebounded, Getty was a rich man, thanks to his action when the economy appeared to be at its worst. The same thing happened to people like Warren Buffett, Jamie Dimon, and Carl Icahn during the Great Recession of 2008.
Who went to jail for the 2008 financial crisis? ›
Did Anyone Go to Jail for the 2008 Financial Crisis? Kareem Serageldin was the only banker in the United States who was sentenced to jail time for his role in the 2008 financial crisis. He was convicted of hiding losses by mismarking bond prices.
Who owns Chase bank now? ›
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with $2.6 trillion in assets and operations worldwide.
Who is the richest diamond in the world? ›
Topping our list of the most expensive diamonds in the world is the legendary Koh-I-Noor. Weighing in at a massive 105.6ct, the most expensive diamond in the world is oval-shaped. Steeped in mystery and legend, the stone is believed to have been mined in India in the 1300s.
Who owns the biggest brown diamond in the world? ›
The Golden Jubilee is currently, the undisputed largest faceted diamond in the world, It is approximately 545.67 carats and took several years to cut and polish before being presented to the King of Thailand, its current owner in 1997.
Who is the highest paid person at J.P. Morgan? ›
Wall Street giant JP Morgan paid its long-standing chief executive Jamie Dimon a record $36m (£28.4m) last year. The payout was a 4.3pc increase for Mr Dimon and comes after the bank reported $49.6bn (£39.1bn) of profits last Friday, well ahead of its peers. He was paid $34.5m in 2022.
Approximately 55.30% of the company's stock is owned by Institutional Investors, 2.99% is owned by Insiders and 41.71% is owned by Public Companies and Individual Investors.
Who is the highest salary CEO? ›
In 2021, Elon Musk received the highest compensation till date as a CEO. This compensation was a mix of salary from the company and stock options awarded to him by the company. This showed the importance of a CEO to the rest of the world.
What was JPMorgan's net worth when he died in today's money? ›
Adrian Wooldridge characterized Morgan as America's "greatest banker". Morgan died in Rome, Italy, in his sleep in 1913 at the age of 75, leaving his fortune and business to his son, John Pierpont Morgan Jr. Biographer Ron Chernow estimated his fortune at $80 million (equivalent to $2.5 billion in 2023).
How much did JPMorgan inherit from his father? ›
Death of his father
That would change on April 3, 1890, as a startled horse threw Junius Morgan from his carriage. He died a few day later from his injuries. J.P. Morgan inherited his father's $12 million estate, as well as assuming his father's role in the banking empire, which doubled Morgan's fortune overnight.
How did Morgan Stanley survive the financial crisis? ›
After the 2008 stock market crash, Morgan Stanley and seven other large U.S. banks received capital investments through the Troubled Asset Relief Program (TARP). By June 2009, Morgan Stanley had fully paid back the $10 billion in TARP money to the U.S. Treasury.
What did JPMorgan do to save the Panic of 1907? ›
Crisis is again narrowly averted at the Exchange. The City of New York tells Morgan associate George Perkins that if they cannot raise $20–30 million by November 1, the city will be insolvent. Morgan purchased $30 million in city bonds, discreetly averting bankruptcy for the city.
How did JPMorgan survive the Great Depression? ›
(The original J.P. Morgan was long dead by 1929, though his eponymous son and firm lived on.) In 1907, Morgan engineered a wide variety of rescue measures, making large deposits in struggling banks and large call loans to brokers. These measures are thought to have helped end the panic.
How did JPMorgan help America during the Panic of 1893? ›
During the depression that followed the panic of 1893, Morgan formed a syndicate that resupplied the U.S. government's depleted gold reserve with $62 million in gold in order to relieve a Treasury crisis.
