Word: dimon
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...companies that most dramatically bucked the trend were Goldman Sachs and JPMorgan Chase. The latter's success got the most attention because its CEO, Jamie Dimon, was once in line to succeed Sandy Weill at Citigroup. According to Monica Langley's book Tearing Down the Walls, Dimon, a notoriously tough manager, got the boot after losing his temper with a fellow executive who had been rude to a colleague's wife at a 1998 corporate retreat. Prince, Weill's legal adviser, inherited the top job in his place...
...hard not to root for a guy--even a filthy-rich guy--who loses his dream job by standing up for a colleague's wife. But veteran banking analyst Richard Bove of the brokerage firm Punk Ziegel says Dimon owed his big quarter to a billion dollars in onetime gains. "Apart from that, JPMorgan's results are just as bad as everybody else's," he says. He has similar concerns about Goldman Sachs. Bove's verdict: We're in the midst of a "systemic debt crisis" from which no one can emerge unscathed...
...Wall Street upstart from Brooklyn 50 years ago. Since then, Citigroup chairman Sandy Weill got rich and famous building an empire that culminated with the Travelers-Citicorp merger in 1998. In the process he walked away once and busted up with friends like Jamie Dimon. Weill, 73, has written The Real Deal, on his dealmaking and how things could have gone smoother. He spoke with TIME's BILL SAPORITO about mending fences, how to keep marriages strong and his focus on philanthropy...
...collaborator who was very well briefed and knowledgeable about the banking and financial world--the No. 1 analyst at Merrill Lynch--and he spent time interviewing everybody whose name is in the book. These were people whom I was mentoring like [Shearson's] Peter Cohen or [Citigroup's] Jamie Dimon; or John Reed, after we did our merger. One of the interesting things in spending two years working on a book is that it is a little cathartic. People whom I had grudges about--I felt that it's enough time and life is too short. Most of these people...
...liked somebody else to do the actual firing or letting go or having that difficult conversation, which I was never quite up to. I think the one time I actually did do it myself was when John [Reed, his co-CEO at Citi] and I decided to tell Jamie [Dimon, a Citi president and his longtime protégé] that this was not working out. I felt that I had enough of a relationship with Jamie that I should be the one who tells him, which I did. But it was not easy...