James L. Dimon

james_dimon

  • Chief Executive Officer, J. P. Morgan Chase & Co.1
  • Class A Director, Federal Reserve Bank of New York2
  • Former President, Citigroup, Inc.3
  • Former Chairman and CEO, Smith Barney, Inc.4
  • Former Chairman and  Chief Executive Officer, Bank One Corporation5
  • Former President and Chief Operating Officer, Travelers Group6
  • Member, Council on Foreign Relations7
  • Former Member, Trilateral Commission8

Biography

James L. “Jamie” Dimon was born in New York City, where he would attend Browning School, to Theodore and Themis Dimon. His grandfather, a Greek immigrant from Turkey, was a broker and passed on his knowledge of the business to his son and partner, Theodore. They worked together for 19 years, and Jamie held summer jobs at their New York office.9

Mr. Dimon majored in psychology and economics at Tufts University, before earning an M.B.A. degree from Harvard Business School. Upon his graduation in 1982, Sandy Weill convinced him to turn down offers from Goldman Sachs and Morgan Stanley to join him as an assistant at American Express.10

Mr. Dimon worked for the American Express Company, serving as assistant to the president, from 1982 until 1985. He then became a key member of the team that launched and defined the strategy for Commercial Credit Company in October 1986, when the consumer lending company was spun off from Control Data Corporation. He served as chief financial officer and executive vice president, and then president. A completely restructured Commercial Credit made numerous acquisitions and divestitures, substantially improving its profitability. Most significantly, in 1987, it acquired and changed its name to Primerica Corporation, which in 1993 acquired The Travelers Corporation and was renamed Travelers Group. At Travelers, Mr. Dimon was president and chief operating officer for seven years. He was named chairman and chief executive officer of its Smith Barney Inc. subsidiary in January 1996, having previously been the firm’s chief operating and chief administrative officer. In November 1997, with the merger of Smith Barney and Salomon Brothers, he became co-chairman and co-CEO of the combined firm.11

In 1998, he was named president of Citigroup Inc., the global financial services company formed by the combination of Travelers Group and Citicorp in 1998. In addition, he served as chairman and co-chief executive officer of Salomon Smith Barney Holdings Inc., the investment banking and securities brokerage subsidiary. Mr. Dimon was named Chairman and CEO of Bank One in 2000. During his four years with the company, he engineered a dramatic turnaround – taking the bank from a half-billion-dollar loss in 2000 to record earnings of $3.5 billion in 2003.12

In a power struggle, Weill left American Express in 1985 and Dimon followed him. The two then took over Commercial Credit, a consumer finance company, from Control Data, which became the vehicle that Dimon and Weill would use to propel themselves to the top of the financial world. Through a series of unprecedented mergers and acquisitions, in 1998 Dimon and Weill were able to form the largest financial services conglomerate the world had ever seen, Citigroup. 13

Mr. Dimon left Citigroup in November 1998. It was rumored at the time that he and Weill got into an argument in 1997 over the perceived lack of promotion given by Dimon to Weill’s daughter, Jessica M. Bibliowicz.1415

In March 2000 Dimon became CEO of Bank One, then the nation’s fifth largest bank. He became president of J.P. Morgan Chase in mid-2004 when it acquired Bank One.  Mr. Dimon was named CEO of J.P. Morgan Chase in 2006 and became chairman in 2007.16

Source notes:

Leave a Reply

Your email address will not be published. Required fields are marked *