Has there been a news story about JP Morgan CEO Jamie Dimon in the last year that hasn’t mentioned his famous falling out with his mentor Sanford Weill? Dimon gets the CEO slot, and it’s all about getting fired by Weill. Dimon is “expected” to get the chairman of the board seat? Yep, more about Sandy. Now the members are voting him onto the board of directors at the the Federal Reserve, and sure enough it’s mostly about the famous break-up.
How is Dimon ever expected to move on if everyone keeps bringing up his ex?
Jamie Dimon may end up succeeding Sanford Weill after all -- at the New York Federal Reserve.
Eight years after Weill fired Dimon, his heir-apparent at Citigroup Inc., Dimon is slated to replace his former mentor as a director at the Fed's New York branch. Dimon, 50, is now chief executive officer of rival JPMorgan Chase & Co. Weill, 73, retired in April as chairman of Citigroup, the biggest U.S. bank. His term as a Fed director ends Dec. 31.
The Fed's members began casting their votes yesterday for Dimon and PepsiCo Inc. CEO Indra Nooyi, who's seeking reelection. Citigroup and JPMorgan, the third-biggest U.S. lender by assets, are members of the New York Fed, which helps supervise the industry and set monetary policy.
Dimon worked alongside Weill for 16 years, beginning as his assistant at American Express Co. The two native New Yorkers shared a knack for making profitable acquisitions and slashing expenses. Their working relationship ended when Weill ousted Dimon following a series of personal and policy disputes.