By Patricia Crisafulli
Praise for The condo of Dimon
"Without the profanity and showmanship, Jamie, in the global of commercial, jogs my memory so much of George S. Patton, America's superior WWll battlefield basic. either learn heritage, ready meticulously, and led from the front—innovatively and instinctively. either have been confrontational. while requested what unit they'd served in in the course of the battle, such a lot individuals of the 3rd military spoke back proudly and easily, 'I used to be with Patton.' maybe someday these at JPMorgan will say the same."
—Wick Simmons, former CEO of Nasdaq and Prudential Securities
"If you care approximately what it takes to be a profitable CEO within the most intricate industry ever, you'll want to learn the home of Dimon. Patricia Crisafulli has captured the expansion and improvement of 1 of the main striking CEOs of our time."
—Frank Zarb, handling Director, Hellman & Friedman LLC
"The condo of Dimon is a smart learn, permitting you to watch Dimon's real strategic activities. he is a pacesetter who does not obsess over predicting the long run yet units his association on its feet able to movement in any path whilst an issue or chance arises. For readers drawn to genuine management, it is an motion mystery. Dimon walks the debate doing the proper factor even if it hurts within the brief term."
—William J. White, retired chairman and CEO, Bell & Howell corporation; Professor, Engineering and utilized technological know-how, Northwestern University
"Crisafulli has comprehensive a massive feat: gleaning the lessons-to-be-learned from the existence so far of Jamie Dimon, a guy of outstanding expertise, rock-solid philosophy of lifestyles, and boundless strength, in addition to taking pictures the essence of a number of the monetary industry's key personalities, explaining in layman's phrases the monetary tools, setting, and occasions of the final 20 years. She has performed all of it in a fast moving page-turner. The booklet illustrates ideas we might all reap the benefits of dwelling by way of. I want all my company affiliates and scholars learn this book."
—Warren L. Batts, Adjunct Professor of Strategic administration, college of Chicago college of commercial; former CEO of Tupperware Corp., Premark overseas, Mead Corp., and Triangle Corp.
"The subtitle of this booklet may possibly simply be 'How Do you slot All Jamie Dimon's Accomplishments in a single e-book' Jamie is an thought to all who've the privilege of understanding him or operating with him."
—Harvey Mackay, writer of the New York Times number 1 bestseller Swim With the Sharks with out Being Eaten Alive
Jamie Dimon on…
The credits Crisis
“I imagine you’re going to be writing and studying from this for years: situations and books approximately various things from SIVs to accounting to the company goal of CDO-squareds to regulatory ideas to globalization to the balkanization of regulation…. truthfully, i feel when you made an inventory this day, you possibly wouldn’t get half them. We’re within the thick of it.”
“Experience and judgment—I don’t imagine they’re replaceable. You visit loads of businesses—they don’t bear in mind how undesirable issues can get. It takes an individual who has been there. we are going to always remember the aftermath of the housing bubble, yet forty years from now, think me, somebody goes to fail to remember back somewhere.”
Dealing with the Downside
“Look the place you may be fallacious; admit while you’re mistaken. To me it’s very important to do this simply because i would like each person to do this, in order that we really make a greater selection the subsequent time.”
Buying endure Stearns
“We weren’t wanting to buy endure Stearns. We wouldn’t have received it by itself, yet we have been requested to examine it. We knew the economic system was once tremendous soft and Lehman [Brothers financial disaster] helped turn out that.”
The undergo Stearns Negotiations
“The remarkable tale wasn’t the monetary engineering. After I received the decision from [Bear Stearns CEO] Alan Schwartz, I referred to as [JPMorgan funding financial institution co-CEOs] Steve Black and invoice Winters, after which we had 50 or a hundred humans dress and are available again to paintings. And via 12 hours later, there have been 500 and 1,000 humans engaged on it in each division: bond buying and selling, fairness, fairness derivatives, most of these areas—tax, criminal, compliance, platforms, ops [operations]—everyone doing their activity. And that’s the superb type of factor: humans performing that way—just attempting to determine it out in a short time. that truly enabled us to do [the undergo Stearns deal]. after which the relief that after we received the corporate shall we really deal with all that.”
“If you wouldn’t deal with your mom that approach, don’t deal with the buyer that manner. If this piece of paper tells the customer how a lot threat they’re taking and also you don’t are looking to supply it to them, they’re most likely taking up an excessive amount of hazard. provide them the paper.”
“You’ve bought to have disciplined reporting and a disciplined evaluation of [what’s] stated. after which it’s bought to be extensively shared with clever those that even have adventure and judgment. you'll reduce difficulties. You’ll nonetheless have them, incidentally, yet they need to optimistically be smaller and fewer.”
“Always have a column known as ‘worst ever’ and confirm you could continue to exist below that.” [University of Chicago Graduate institution of commercial, 2006]
Going to paintings for Sandy Weill
“I went to paintings for Sandy simply because my objective in existence was once to not be a accomplice in an funding financial institution, and albeit it wasn’t cash. It used to be to construct anything, no matter what that intended… the explanation I went to paintings for Sandy is simply because I beloved him… “ [Kellogg college of administration, 2002]
Getting Fired by way of Sandy Weill
“I was once the president of Citigroup. I walked in and [Weill] acknowledged, ‘I wish you to resign,’ and think me, it used to be like i used to be stunned. I didn’t count on it by any means, form, or form.” [Kellogg college of administration, 2002]
Life after Citigroup
“It harm. yet as I inform people…it was once my internet worthy, no longer my self worth, desirous about the corporate. I didn’t think much less of an individual, yet abruptly you do consider form of bare available in the market. You don’t do that factor; you aren’t president of…Citigroup.”
“My childrens, my family—but particularly the youngsters I’m liable for, even supposing they’re form of all alone… They’re approach up the following. correct subsequent to that's humanity. truthfully, we’re now not all the following only for ourselves.”
Marriage and Children
“I do imagine that the toughest activities in existence are marriage and children. they're like whole secrets and techniques until eventually you do it. We educate you every thing, yet we don’t train you that… You’ve started working [at] these things.” [Kellogg university of administration, 2002]
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Extra resources for The House of Dimon: How JP Morgan's Jamie Dimon Rose to the Top of the Financial World
Perhaps JPMorgan shareholders felt smart for being on the winning team. In a few weeks a far different gathering would be held when Bear Stearns shareholders would be charged with voting on the deal. But on this day and appearing before JPMorgan shareholders who addressed him casually and called him by his first name, Dimon was on top of the world. In the midst of the happy JPMorgan shareholders, Dimon emphasized the risks surrounding the deal. But as he saw it, the transaction was still worth it—for the good of the company that stands to reap the benefits from the Bear Stearns businesses and for the good of the country that avoided the fallout of a probable Bear Stearns bankruptcy.
Nevertheless, amidst this market chatter, our liquidity position in the last 24 hours had significantly deteriorated. ”11 Reassuring the Market This was not the first time Bear Stearns had tried to assure the marketplace about its capitalization. In October 2007, Schwartz, who was then president of the firm, made a presentation to investors assuring them that Bear Stearns, which had been hit hard by the collapse of the subprime mortgage market, was not looking for a cash infusion. Referring to the Federal Reserve’s move to lower rates on September 18, 2007, Schwartz told investors, “Things are getting better.
23 Taking a Bear-Sized Bite 41 In an interview a few months after the deal was struck, Dimon brushed off the difference between the price at $2 and at $10 a share, noting that either figure is a very low price, which he felt was absolutely necessary, given the amount of risk that JPMorgan was assuming through the acquisition. “The issue wasn’t the price at $2 or $10. In any event, that was a very low price. The issue is was there enough margin for error such that I can go to my shareholders a week later and a year later?