James "Jamie" Dimon

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Jamie Dimon
James dimon.jpg
Occupation CEO and Chairman
Employer JPMorgan Chase & Co.

Jamie Dimon is the chairman and chief executive officer of JPMorgan Chase & Co. He became chairman on Dec. 31, 2006, and has been chief executive officer and president since Dec. 31, 2005. He took on the role of president and chief operating officer after JPMorgan Chase ’s 2004 merger with Bank One Corporation, which he took charge of in 2000.[1]

Dimon serves on the board of directors of The Federal Reserve Bank of New York, The National Center on Addiction and Substance Abuse, Catalyst and Harvard Business School and is on the board of trustees of New York University School of Medicine. He also serves as chairman and director at The Clearing House LLC, is vice chairman of The Business Council and a director of Yum! Brands Inc. He serves as a director of College Fund/UNCF and serves on the board of directors of the University of Chicago.[2]

Michael Bloomberg noted in an article in "The 2008 Time 100" that Dimon had experienced "as many spectacular reversals of fortune as any Shakespearean hero." Ten years ago, he was expected to be crowned head Citigroup as it merged with the Travelers Group. Instead, he was pushed aside. But he returned in triumph when he sold Chicago's Bank One to JPMorgan Chase and quickly ascended to head the House of Morgan himself. Furthermore, after three days of negotiations involving the U.S. Treasury and the Federal Reserve Bank, JPMorgan Chase bought investment firm Bear Stearns, fending off a complete financial market meltdown.[3]

Under Dimon's leadership, J.P. Morgan mostly exited the business of securitizing subprime mortgages when it was still booming, shunning instruments such as SIVs (structured investment vehicles) and CDOs (collateralized debt obligations).[4]

Dimon has a reputation for being outspoken. In 2004, a third-quarter earnings call with then-CEO William Harrison by his side, Dimon said, “These are terrible results. We don’t feel good about it.”[5]

Dimon was named "Banker of the Year" in 2009 by American Banker.[6]

The New York Times also named Dimon "America's least hated banker" at the end of the 2010.[7]

"London Whale" Fallout[edit]

In January of 2013, JPMorgan's board said it would cut Dimon's pay by 50 percent, citing failures of management that led to losses in the bank's chief investment office. Risky derivatives bets in 2012 involved a trader nicknamed the "London Whale," and resulted in approximately $6 billion in losses for the firm. Dimon would take in $11.5 million in 2012 compensation, down from a $23-million pay package in 2011.[8]

In January of 2014 the board said they would pay Dimon $20 million for his work in 2013, restoring most of the $11.5 million cut from 2012. The 2013 pay includes a base salary of $1.5 million, plus $18.5 million of restricted stock, the company said in a public filing. The raise came after a year in which JPMorgan's annual profits fell 16 percent as the company agreed to pay about $20 billion to settle legal claims from government agencies and private investors.[9]

At its July 2014 meeting, the board of JPMorgan Chase said it would let Jamie Dimon collect about $37 million in stock options created during the financial crisis. JPMorgan gave Dimon 2 million stock-appreciation rights in January 2008, saying they would be available in five years if the board still deemed it appropriate. In 2013, the firm delayed vesting by 18 months to address flawed internal controls exposed by derivatives bets that went wrong.[10] Earlier that month, Dimon disclosed that he had been diagnosed with throat cancer.


At Bank One Dimon had been chairman and chief executive officer since March of 2000. Prior to Bank One, he had held various senior executive positions at Citigroup Inc., its subsidiary, Salomon Smith Barney, and its predecessor company, Travelers Group, Inc.


He is a graduate of Tufts University and received an MBA from Harvard Business School.