The detailed life of Jamie Dimon.

Jamie Dimon was born in new york. He graduated from Tufts University with a bachelor's degree in psychology and economics. 1982 After obtaining an MBA degree from Harvard University, he joined American Express Company at that time as an assistant to Sandy Weil, then the president of American Express. Damon left after Will was deported. They lived in the apartment of Seagram Mansion in Manhattan, new york for one year, and conspired to make a comeback together. Later, through the bold merger and acquisition in 12, they turned this unknown bank-Commercial Credit Bank-into Citigroup. 1At the end of 998, Will finally swept him out of Citigroup. A year later, Damon returned to the Jianghu and became the CEO of the First Bank. In 2004, the First Bank merged with JP JPMorgan Chase, and Dimon became the chief operating officer of the merged J.P. JPMorgan Chase. Since 2006, Jamie Dimon has officially replaced william harrison as the new CEO of JPMorgan Chase.

1In June, 985, he was "exiled" from American Express together with Wall Street legend Sandy Weil. 1June 1986, they went to Maryland to take over Baltimore Commercial Credit Company, and merged with Primerica Company in June 1988. After a series of mergers and acquisitions, they established the Traveler Group. In April of 1998, their ten-year merger reached its peak. After the $70 billion transaction between Traveler Group and Citibank, a huge new Citigroup empire was born, with Sandy Weil and john reid, former CEO of Citigroup, in charge of the new Citigroup. Jamie Dimon and Sandy Will returned to their new york. However, shortly after the merger of Citigroup and Traveler, the "father and son" gold partner fell out, and Dimon was forced to leave Citigroup and go to Chicago to take over the First Bank of the United States. In just a few years, the First Bank of the United States was transformed into "Western Citigroup". In June, 2004, JPMorgan Chase bought the First Bank of the United States for $58 billion, which was second only to Citigroup after the merger. In this way, Jamie Dimon returned to new york. However, by the time he came back this time, Damon, the "Citi Kid", was already a powerful character. If it weren't for loyalty, Jamie Dimon 1998 would have accepted the invitation of john reid and came to Asia together with Sandy Will as CEO of Citigroup at that time.

1In April, 1998, the shocking merger of Citigroup and Traveler Group opened the mixed operation of Wall Street. In terms of power arrangement, Damon is considered to be the most powerful person under CEO. Reed admires Will's business acumen and tenacious fighting spirit, but he is more like-minded with Damon, a promising teenager. According to Citi Empire, Reid invited Damon and his wife to have dinner at home and cook in person, and invited him to travel abroad on his next business trip, which is an excellent opportunity to further deepen understanding and discuss the merger. Damon is flattered. But by this time, the tension between Damon and Sandy has escalated. Damon can't forget Sandy's anger when another assistant, Peter Kern, was close to CEO james robinson when they were still at American Express. If you get too close to Reid, Sandy will get suspicious and think Damon has betrayed him. Damon reluctantly refused Reid's invitation. Whether it's loyalty or breaking up, all the stories are because of Sandy Weill's ambition and legend. Sandy started as a broker and grew stronger through mergers and acquisitions. 198 1 year, American express acquired Hilsen, the second largest securities company in the United States, for 1 billion dollars. 1982 One day, Sandy received a phone call from Jamie Dimon, a graduate of Harvard Business School, asking for career advice. From then on, Damon started his career in Sandy's office-this is 16. He learns quickly in all aspects. Will greatly appreciates his wisdom, self-confidence and grace, and thinks Damon can do any job on Wall Street.

But a few years later, due to the failure of the power struggle-the opponent was Guo Shina, 1985. In June this year, 53-year-old Will left American Express with $50 million and 28-year-old Damon.

"Mentoring" made a comeback from going to Maryland to take over 1986 of Baltimore Commercial Credit Company, acquiring 1988 of Primerica Company and 1989 of Barclays Financial Company. Fortune commented that "Sandy can still turn the stone into gold". 199 1 year, Sandy awarded Damon the title of President of Primerica, and at the age of 35, he became one of the youngest presidents in Fortune 500.

After that, M&A continued: 1992 Primerica bought 27% of the shares of Traveler Insurance, 1993 repurchased Hilsen from American Express, and finally merged into Traveler Group. In the process of rebuilding the empire, Damon got the true biography of Sandy, with keen mind, decisive wrist, friendliness and shrewdness. 1In July, 995, The New York Times reported "Will's Direct Line: His Protector's Power is Growing". Business Week rated Dimon as a management elite and praised him as "well-trained and hands-on". Since their exile, Sandy and Damon have been paying attention to the stock of Citigroup, which is an example of the company they want to establish. 1990, Primerica shares hit a new high, and Damon found that its market value was even higher than that of Big Brother. It's incredible to realize $3 billion in commercial credit in just four years, but it's bigger than Citigroup ... Both of them have never forgotten the touch brought by the idea of owning Citigroup.

At this time, their relationship is still the most important. Damon has changed from Sandy's temporary body double to another version of Sandy. Sandy became more and more dependent on him, and he became the "Sanditong" praised by everyone. When Sandy has an idea, he will ask Damon for help. Damon, who can calculate several transactions at the same time with his brain, quickly gave the answer. This dependence is increasing year by year. Sandy once told Businessweek, "I have a son and he has a father. We are not using each other, but sincere love. " These two people are almost inseparable. Damon provides instant messages at business meetings. In front of the public, Damon told some short stories about their struggle from exile to success. When introducing Sandy to people, Damon will tell Sandy's stupid jokes to make him approachable. Sandy's bad temper is as famous as her greedy appetite. When Sandy and Damon quarrel, others can only listen for no reason. Damon sometimes holds back Sandy's anger, even as loudly as the boss.

The relationship between Damon and Sandy became tense on 1997. Damon refused Sandy's daughter Jessica's promotion request under his command. He has neither time nor patience for office politics. Sandy is very angry with Damon and denies that Damon is his successor. Their quarrel became mean and vulgar. For the first time, the board doubted whether their personal rift could be bridged.

Nevertheless, their position in the transaction is the same, and continuous mergers and acquisitions are the source of their strength to build a financial empire. Before the "ultimate deal" of Citigroup, Sandy took aim at the most prestigious JPMorgan Chase. But the merger failed, and Sandy couldn't walk into the corridor with the portrait of old Morgan-Damon is in charge now.

Lost in Sang Yu, lost in the east corner. 1In September 1997, Traveler Group bought Solomon for $9 billion, and Sandy framed Buffett's praise for him. Damon is not optimistic about the deal. The Asian financial crisis cost Solomon $50 million. His power has been weakened. Sandy interfered in the management meeting he presided over. Damon protested, "You are making trouble. We have important work to do. " Sandy blushed and roared like a cow. "Damn it, Damon, this is my company!" "

From 65438 to 0998, after the establishment of Citigroup, the long-standing disagreement between Sandy and Damon finally came to an extreme. 1 1 Sunday, 1, Damon was fired. He endured pain. "You see, I have worked in this company for 16 years, and my heart and blood have been spent on it. I want to tell you that this is a fairytale place. Continue to be proud of yourself! " The managers applauded. Sandy said, "You have shown great grace and self-restraint, and I still respect and like you." Damon was also touched. Sandy wanted to hug him, and Damon stepped back. "Please don't hug me!" "

On Monday, after the news of Dimon's resignation was announced, Citigroup's share price fell by nearly 5 points, and its market value evaporated within two weeks 1 1 billion dollars. Damon, 42, has $30 million in cash and stock, but he doesn't know what to do. He took boxing lessons and went home for dinner every day. In his notebook, he wrote: "Fu" for investors, teachers, writers and housewives ... In the end, he rejected Amazon, Starwood Hotels and Berkeley Bank and chose the fifth largest bank in the United States, the First Bank of America.

Damon also spent a long time reflecting on his relationship with Sandy. He taught an MBA Shakespeare seminar at Columbia Business School, pointing out that Count Kent, who publicly criticized King Lear and was exiled, could have been more strategic and honest. 199965438+On February 6th, after mediation, Damon and Sandy sat together in the Four Seasons Hotel and had a heart-to-heart talk. The next day, the front page of the Financial Times published three major news: the record fiscal deficit in the United States, the Russian civil war, and Sandy's handshake with Damon. "The well-known grievances on Wall Street ... have finally been resolved."

On February 28th, 2000, Reed retired and put Sandy in charge. A week later, Dimon became the chairman and CEO of the First Bank of the United States, and his share price rose 12%. Damon and his family moved to this windy city, and the new york man bought his first car. Damon immediately began to cut expenses, write off bad debts and change managers. When asked who is his role model, Damon replied, "Sandy will". Out of Sandy's "aura", Dimon showed "ambition and ambition to lead a financial company", and Wall Street also regarded Dimon as a particularly respected leader. He has become one of the leading figures in the banking industry.

In March 2006, Bloomberg magazine reported Jamie Dimon's "magic attack" on JPMorgan Chase. A few years ago, he was a cheerful day trader, but the new JPMorgan Chase needs patience. He is much more low-key than before. When he meets employees, he will ask them what they are thinking. He even apologized for a small accounting mistake. "I didn't expect him to change so much." Robert Lip, who met him in a commercial credit company from 65438 to 0986 and is now a senior consultant of JPMorgan Chase, said.

Damon started his comeback tour in Chicago. This bank, which is the largest in the midwest and the third largest in credit card issuance in the United States, is in a difficult situation, losing 5 1 10,000 dollars. Damon took a series of measures. "We don't just cut down trees, we also use chainsaws." In more than two years, the First Bank of America turned losses into profits, with a profit of $3.3 billion in 2002 and $3.5 billion in 2003. Buffett wrote to Dimon that Dimon's annual report was the best he had ever seen.

According to the dismissal agreement, Dimon can't poach people from Citigroup for three years, but before he reconciled with Sandy, Bank of America had poached several senior managers from Citigroup. Some loyalists also left Citigroup to join Dimon, and the "non-competitive" contract expired. Sandy flew into a rage and told Damon (when they ignored each other), "That's not what the CEO did." In the summer of 200 1, Damon took the initiative to dig people in Citigroup. This brain drain even made Bank of America known as "Citi in the West", and Sandy held back.

In September 2002, Damon went to new york on business, and Sandy invited him to have lunch in Citi's private banquet hall. "I'm glad my manager went to see you, not someone else." Citigroup was in trouble at that time. Dimon did not make it clear that he would expand the business of Bank of America to stockbrokers, but he was obviously eager to enter Wall Street as soon as possible. There are already rumors that Dimon intends to maliciously acquire JPMorgan Chase, Citigroup's biggest competitor. Realizing that reaching Mongolia may challenge from across the street, Sandy said, "That will be interesting."

When the manager of Citigroup saw Damon, everyone came to shake hands with him. They think that as long as Sandy can be with Damon, everything can be solved. Although his hair is healthy, Damon is still full of energy as before.

In June 2004, JPMorgan Chase bought Bank of America for $58 billion, with total assets of 1. 1 trillion dollars, second only to Citigroup. After the transaction was completed, the first call Damon received was from Sandy. He called Prince, CEO of Citigroup. The rise of Citigroup changed the pattern that Wall Street was ruled by the Morgan family. Now Damon is at the helm of JPMorgan Chase, just to make the Morgan family regain its former glory. "It is my dream to lead JPMorgan Chase to become better." Damon said.

While entering the luxurious palace in JPMorgan Chase, Dimon also brought a "cost killer", which insiders call "Jamie". He also integrated the computer systems of two banks, expanded new branches, and tried to strengthen high-growth areas that JPMorgan Chase missed, such as energy trading. This is good news for Li Xiaojia, CEO of JPMorgan Chase China District, who was deeply involved in CNOOC's acquisition of Unocal in 2005.

In 2004, Harrison said that JPMorgan Chase would continue to compete with Citigroup for wholesale banking, "but we have no intention of becoming a global consumer bank". Dimon said that JPMorgan Chase has a strong wholesale bank in China and hopes to enter the retail bank through mergers and acquisitions. "But the development of JPMorgan Chase in China is long-term. We will follow our own pace, we have time and patience. " As for the foreign investment in China's banking industry in the past two years, JPMorgan Chase held its ground. Damon said, "In fact, we talked a lot. Only 20% of the shares are not attractive to us. Our ultimate concern is not the price, but whether we can win together. If we find good partners and opportunities, we will not hesitate. "

No one does not believe Damon's financial ambitions. He sometimes talks about life and philosophy. His personal ideal is "to live happily with his wife and three daughters". Of course, the daughter will also include the family dog. Damon praised IQ and EQ. "We live in a complex world. As you grow up, you will find that complexity and simplicity actually complement each other. In the new team, Will and Damon are co-CEOs. It is generally believed that Will is too grumpy and often scolds his subordinates to tears. In several high-level power struggles, he broke with his closest comrades more than once.

After only one year of cooperation between the two CEOs, Dimon was eliminated from the power struggle within the group, and Will began to monopolize the power of Citigroup.

The reasons for Damon's departure can be summarized as three points: Will is not willing to see Damon challenge his authority prematurely; It is very difficult to integrate after the merger, and it is bound to sacrifice some roles to set an example for others; It's a pity that Damon didn't promote Will's daughter Jessica Will in time and let the other party leave angrily, which became the fuse for Will to save Damon.

Within two weeks after the news of Dimon's departure, Citigroup's market value evaporated by 1 1 billion dollars, equivalent to 1 1% of its total market value.

As a result, Damon had to make a quick choice among a large number of re-employment options. Young bankers took a fancy to Bank One, a struggling Midwest bank (at that time, it lost $565,438 +0 1 billion) and ranked sixth in the United States.

This surprised the industry.

But Damon created a miracle and set the most classic example of himself alone.

Since joining Bank of America in March 2000, Dimon has been the chairman and CEO of the group. In four years, Damon led the company to great changes. By 2003, the profit of Bank of America -I reached a historical record, reaching $3.5 billion.

On June 6, 2005 165438+1October16, when Dimon sat in front of a reporter from the Financial Times and tried to sum up why he had achieved such success at that time, he pondered for a long time.

At that time, Damon once famously said, "We not only cut down trees, but also use chainsaws." He killed people in the layoffs. But the layoff plan at that time was very clear, basically not aimed at the customer service level, but at the bureaucracy within the company. Such layoffs can make the company operate more efficiently. Although the first bank of the United States has made a name for itself in the industry, Damon must make other plans if he wants to make a bigger career.

At this point, and he is equally helpless and Harrison of JPMorgan Chase. Michael Jordan's brother, a former basketball forward at the University of North Carolina, whose height is 1.92 meters, was once famous for dunks, but he was never good at taking more risky shots.

Harrison's Chase Manhattan Bank announced its merger with JPMorgan Chase in 2000. After the merger, its English name is still JPMorgan Chase. Considering that Chase Bank has a considerable market base in China, its Chinese translation is JPMorgan Chase.

After the merger, JPMorgan Chase suffered a lot of bad luck: venture capital dried up and the number of non-performing loans was huge. To make matters worse, JPMorgan Chase was ridiculed for his lack of talent: Harrison, 60, couldn't even choose a qualified successor.

In the past few years, Harrison and Damon have found opportunities to have lunch almost every quarter, but in June 2003, 165438+ 10, suddenly, they stopped appearing in public and began to meet in a low-key way.

On July 1 2004, JPMorgan Chase and Bank of America formally merged, and Dimon was appointed as President and Chief Operating Officer of JPMorgan Chase Group. This merger has created a financial services group with a value of US$ 65,438+0.65,438+0 trillion, which is among the best in the fields of loans, credit cards, investment banking, asset management, private banking, fund management and securities services, intermediate market and private equity.

As early as the autumn of 2003, Dimon predicted that the tide of mergers and acquisitions of giant banks was beginning to appear, and the Chicago market would be "a river of blood." Now, his prediction has come true.

For a while, all the bankers and media on Wall Street were talking that Dimon's advantage would point to his former employer, Citigroup.

"From the day he was fired, Damon's ambition was to return to new york one day." A Citi director thought that this was tantamount to the beginning of revenge.

It is said that after the merger of JPMorgan Chase and Bank of America was completed, Damon's first phone call was to his father; The first call he received came from Sandy Will.

This seems to confirm an old saying of China, "It's not that enemies don't get together". As the most orthodox successor of the old Morgan consortium, Bank of JPMorgan Chase has always only served corporate customers. So far, JPMorgan Chase has not conducted retail banking business outside the United States.

But the development of the world is not what it used to be. Twenty years ago, the retail banking assets of the largest 10 banks in the United States for individual customers accounted for only 27% of their total assets. By two years ago, this figure had risen to 49%.

Will JPMorgan Chase's future market strategy focus on retail banks according to the actual situation? Where will the big ship that has sailed for more than 150 years go? It's a tough choice for Captain Damon.

Because Damon once had a strong working background in retail banking, such as Citigroup and Bank of America, now even some employees in JPMorgan Chase believe that this experience will make Damon interested in retail banking, and it is not ruled out that he will lean in this direction in the future.

Moreover, before JPMorgan Chase, there was the unique charm of American banks-a sound retail network. Now is the right time and place for Damon.

At that time, Will and Dimon contributed a lot to the rise of Citigroup, and through Citigroup, they rewritten the pattern of Wall Street dominated by the Morgan family. Now, Damon is at the helm of JPMorgan Chase, in order to make the Morgan family regain its former hegemony.

In Dimon's view, one day, they will also enter Asia, especially China's consumer banking field.

At the same time, he does not rule out choosing a suitable target for M&A in China. He told the Financial Times that their investment in China would be very wise and positive, and they should not seize every opportunity before them.

"The ultimate goal is whether we can win each other. Since we want to invest in retail banking, our strategy and future partners must be able to match each other. We will make decisions at our own pace, and we have plenty of time and patience. "