Jamie Dimon – A Billionaire Banker
Pulkit Sharma || The CEO Magazine
Jamie Dimon is a business executive and a billionaire from America. He is the CEO and chairperson of one of the biggest banks in the world, JP Morgan Chase and it is also included in the big four banks of America. Dimon was a member of Boards of Directors of the Federal Reserve Bank of NYC before he held his position in JP Morgan Chase. In the list of “Worlds most influential people” by Forbes, Dimon was mentioned four times in the year 2006, 2008, 2009 and 2011.
Dimon is one of those few CEO bankers who are billionaires because of his part of $485 million shares in JP Morgan Chase. In the fiscal year of 2011, he received a package of over $23 million which was the highest among the other CEO banker in the US. In the year 2013, he received almost $20 million as compensation for his work. He also received almost $30 million in the year 2017.
Early Life and Education
Jamine Dimon was born on 13 March 1956 in NYC to a Greek immigrant’s family. His grandfather changed their last name from Papademetriou to Dimon to make it sound as French and worked as a banker in Izmir and Athens. Both his father and granddad were stockholders at Shearson.
He perused economic and psychology from Tufts University where he wrote an essay on Shearson mergers which his mother sent to Sandy Weill who hired Dimon for doing budgets at Shearson during his summer breaks. He worked in management consulting for over two years after completing his graduation and then he enrolled at Harvard Business School where he met Steve Burke, Seth Klarman, Jeffrey Immelt and Stephen Mandel. When he was studying at Harvard, during a summer break he worked at Goldman Sachs.
After graduation, he received offers from Goldman Sachs, Morgan Stanley and Lehman Brothers but he refused them because his friend Sandy Weill convinced him to join as an assistant at American Express. Although he didn’t get much money there but he had fun while working and Dimon’s father was an executive vice president at American Express.
JP Morgan Chase & Co.
JP Morgan Chase & Co. is one of the biggest multinational investment banks in America. It also provides finical services and its head office is located in New York City. According to assets JP Morgan Chase is the largest bank in the US and ranked as the sixth-largest bank in the world by S&P global. It has a total asset of more than $2.73 trillion which makes it the most valued bank in the world by market capitalization.
Being a part of “Bulge Bracket” it offers different investment and financial services. It is also known to be one of the four big banks in the US along with Citigroup, Bank of America and Wells Fargo. The brand of JP Morgan is used by treasury services divisions, private banking, investment banking, private wealth management and asset management. Fiduciary activities within private financial institutes like private banks and wealth management is done under the guidance of JP Morgan Chase.
The Chase brand is used for credit card services in the US and Canada and bank’s retail services in commercial banking. Both the headquarters of retail and commercial banks are located at 383 Madison Avenue in Midtown Manhattan, NYC. Before the year 2000, the company name was JP Morgan & Co. but then they were merged with Chase Manhattan Corporations and their current name was formed.
In 2019, the asset management arm of the bank has around $2.988 trillion assets under management and the investment arm holds over $25 trillion assets under custody. With this much assets, the hedge fund unit of JP Morgan Chase & Co. is the third biggest hedge fund in the world.