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A Bit More On Jamie Dimon's Bank One-Citigroup Gang Set To Take Over JP Morgan Chase

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Jamie Dimon can cross one line off the legendary list of “people who owe me stuff” that he reportedly keeps in his breast pocket. Back in 2004, when William Harrison was negotiating with Dimon to acquire Bank One, which Dimon then ran, Harrison reportedly promised to step down as chairman in 2006 and hand the spot over to Dimon. As we noted just moments ago, this morning news broke that Harrison will retire at the end of the year and is expected to be succeeded by Dimon.
It’s mostly a formality at this point. The board of JP Morgan is packed with Dimon’s allies, and the lieutenants of Dimon are already running the place, according to most reports. But the news that Harrison will retire confirms the consolidation of the levers of power at the bank under a senior management largely brought in from the outside following the acquisition of Bank One by JP Morgan. Many of these folks came with Dimon from Bank One or worked with him when he was at Citigroup.
Or, as a source inside JP Morgan put it in a phone call with us this morning, "Finally, the greasers beat the socs! Ponyboy would be proud."