Jamie Dimon

  • 13 Dec 2012 at 5:43 PM

This Is America, Last Time Jamie Dimon Checked

Jamie Dimon, the CEO of the country’s largest bank by assets, says that regulating Wall Street pay could put us on the road to communism. “We all want an equitable society. We need to have a conversation about what makes it equitable,” the JPMorgan Chase CEO said at The New York Times DealBook conference on Wednesday. “You can go do it the way that Cuba tried. Okay, well, then it will be equitable, but everyone won’t have much.” “If you don’t want a free society, then start dictating what compensation can be,” he added. [HuffPo via Counterparties]

“We are one decision away from restoring our fiscal and moral authority from around the world,” Dimon said today. “Let’s just do it.” [Dealbook]

  • 19 Nov 2012 at 5:51 PM

New JPMorgan CFO Is A Female Jamie Dimon, Says Person

J.P. Morgan named finance executive Marianne Lake to succeed Douglas Braunstein as chief financial officer of the largest U.S. bank. The appointment makes Ms. Lake one of the most powerful women on Wall Street as the New York company shuffles its leadership and recovers from a massive trading loss. The 43-year-old Ms. Lake currently is chief financial officer for the bank’s consumer unit. J.P. Morgan said that Mr. Braunstein will become a vice chairman of the company following Ms. Lake’s transition to the CFO position in first quarter 2013…Ms. Lake is known within the company as smart and assertive in the style of Mr. Dimon. “She talks so fast because she knows her numbers so well,” said a person close to the bank.  [WSJ]

JPMorgan Chase Chief Executive Jamie Dimon said his company has lost up to $10 billion as a result of the government asking him to buy teetering Wall Street firm Bear Stearns during the financial crisis. “Someone said the Fed did us a favor to finance some of this or something like that. No no no. We did them a favor,” Dimon said, speaking at a Council on Foreign Relations event. “I’m going to say we’ve lost $5 billion to $10 billion on various things related to Bear Stearns now. And yes, I put it in the unfair category,” the CEO added. [CNBC]

Dimon recalls that when he e-mailed his senior executives, back in 2010, first proposing the JPMorgan Chase bus tour, which is designed to demonstrate to clients, employees, and important people around the country that the bank is a force for good in the world. But, as in almost everything related to JPMorgan, Dimon prevailed. “That’s bullshit. We have to live our lives and do the right thing,” he told them…At stop after stop, the executives emerged from their bus cocoon into what they called “the Tunnel of Love,” where employees surrounded them for hugs, fist pumps, and high fives. [VF]

As you may have heard, Summer 2012 was not the best of times for JPMorgan CEO Jamie Dimon. On May 10, after having said that a Bloomberg story about one of its London traders making very large, very worrisome bets was but “a tempest in a teapot,” the bank announced that said trader had lost approximately $2 billion. On May 11, it was suggested that Dimon’s title of most-loved banker on Wall Street was up for grabs. On June 19, Dimon was forced to testify on Capitol Hill. On July 13, JPMorgan revised the $2 billion loss to $6 billion. Associates who surrounded Dimon during these days said that the stress was visibly wearing on him, and that it was arguably one of the worst periods of his career. And while senior executives logged long hours and gave up weekends and holidays to help deal with the fallout, gathering documents and unwinding trades and trying to manage the crisis, only one busted his ass to actually give Jamie Dimon what he needed: Jimmy Lee. Read more »

Jamie Dimon, the outspoken chief executive of JPMorgan Chase, sat down on Tuesday for what banking analysts called a “fireside chat” during the Barclays 2012 Global Financial Services Conference. Known for his hands-on management style and confident swagger, Mr. Dimon has been navigating the fallout from a rare misstep in his career after JPMorgan announced a multibillion-dollar loss on a complex credit bet at its chief investment office unit. During a question-and-answer session with Jason Goldberg, a Barclays analyst, Mr. Dimon responded to questions about things like his stance on the mounting turmoil in Europe and regulatory changes, in particular the Volcker Rule, which restricts banks from trading with their own money. Mr. Goldberg started by asking Mr. Dimon about the rationale behind shaking up the upper echelons of JPMorgan’s executive suite in July. “It had nothing to do with the chief investment office,” Mr. Dimon said. He added that “there is nothing mystical, folks,” because the moves enabled greater cross-selling. “Cross-selling is a big deal, and we do an exceptionally good job,” he said…Tackling the issue of whether the big banks should be broken up, Mr. Goldberg asked Mr. Dimon about recent calls to break up the major banks. “There are huge benefits to size,” Mr. Dimon said. He noted that JPMorgan’s size allowed it to be “a port in the storm” during the market turmoil of 2008. “Big banks have a function in society.” The United States, he added, has the “best, widest, deepest and most transparent capital markets in the world.” Cautioning against needless reform, Mr. Dimon said, “Let’s make sure we keep that before we do a bunch of stupid stuff that destroys that.“ [Dealbook]