The business on...Jamie Dimon, CEO, JPMorgan Chase
Saturday 09 April 2011
Another fat-cat banker?
Mr Dimon is a bit different, to be fair, having enjoyed a good war during the credit crisis. President Obama subsequently said of him: "Jamie Dimon ... I don't think should be punished for doing a pretty good job managing an enormous portfolio."
Did the President get his way?
Well, Mr Dimon is still in a job, so he didn't get punished in the same way as many others. But he hasn't escaped all criticism – one reason why, at the Davos summit in January, he lost his temper when complaining about "banker bashing".
Is he well compensated?
You might say that. Mr Dimon got $23m (£14m) for his work leading JP Morgan Chase last year, an increase of 51 per cent compared to 2009.
Nice work if you can get it.
Indeed, but Mr Dimon almost gave it all up for his friend in the White House. A long-standing Democrat, he was tipped to become President Obama's Treasury Secretary before Timothy Geithner got the job.
Does he enjoy the trappings of wealth?
Well, he looks the part – he's always tanned and expensively dressed. But actually, the Dimon family live fairly frugally compared to some on Wall Street – there's no yacht or expensive pile in the Hamptons.
How did he make it to the top?
He was championed by Sandy Weill, the banker who ended up building Citigroup into an empire. In 1982, when Mr Dimon left Harvard Business School – where the GE boss Jeff Immelt was in his class – Mr Weill persuaded him to turn down a job with Goldman Sachs in favour of American Express. Mr Dimon ended up as his right-hand man at Citigroup. But the pair fell out and Mr Weill fired his protégé in 1998. He went on to run Bank One and then moved to JP Morgan when it bought the firm.
Not bad for a boy from Queen's?
Indeed, though while this grandson of Greek immigrants did indeed grow up in Queen's, he also attended Browning, New York's most prestigious private school.
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