Word: dimon
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Dates: during 2000-2009
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...majored in psychology in college, Jamie Dimon has remarkably little patience for having his head shrunk. Ever since Dimon was pushed out of Citigroup in 1998 by CEO Sandy Weill, his mentor and friend, and became CEO of Chicago-based Bank One, Wall Streeters have speculated that he had something to prove. By turning the beleaguered lender into a financial-services powerhouse, the thinking went, Dimon would demonstrate just how essential he had been in helping build Citigroup. Perhaps he would even eventually merge Bank One with Citigroup and succeed Weill in a final act of redemption. But as recently...
...come back he has, and by combining the retail network of Bank One with J.P. Morgan Chase's investment-banking power, Dimon is setting up what will arguably be the only broad, financial-services behemoth that can give his alma mater a serious run for its money. Although the two banks' retail customers shouldn't immediately experience any changes as a result of the marriage--Bank One's consumer business is centered in the Middle West and Southwest, J.P. Morgan Chase's in the Northeast, with an overlap only in Texas--shareholders are counting on Dimon to boost their fortunes...
...been a long, circular journey for Dimon, 47, who was born in New York City with financial data encoded in his genes. Dimon's Greek-American grandfather and father were stockbrokers catering to fellow immigrants in the city, and it was through his dad Theodore, who worked with Weill at Shearson, that Dimon met his eventual mentor. While studying economics (his other major) at Tufts University, Dimon wrote a term paper about one of Weill's earliest takeovers and used it to persuade the Wall Street veteran to give him a summer internship...
After earning his M.B.A. at Harvard in 1982, Dimon rejoined Weill, as his personal assistant, at American Express. Three years later, when Weill left American Express after losing a power struggle, Dimon followed his boss into professional exile rather than stay in a safe job. As they scouted possible acquisition targets, the brash 29-year-old was already speaking his mind. Michael Holland, a New York City money manager and acquaintance of Weill's, recalls hearing Dimon bluntly telling Weill that a veteran Wall Street banking analyst didn't know what he was talking about. "He was like...
...when Weill took over a third-rate consumer lender named Commercial Credit, Dimon was also demonstrating the painstaking attention to detail, ruthless cost cutting and savvy dealmaking that would become his trademark. Instead of just signing off on real estate leases, Dimon would pick some and read them line by line. The high-decibel debates that took place in the corridors between Dimon and Weill were legendary and "the most fun we had," says Robert Lipp, a former colleague and now a member of the Bank One board...