All About Jamie Dimon - JP Morgan & Chase CEO

Welcome to the Investors Trading Academy event of the week. Each week our staff of educators tries to introduce you to a person of interest in the financial world. This could be a person in government or banking or an important investors or trader. This video will focus on Jamie Dimon. If you are an avid reader or follower of the financial news headlines this name will familiar but otherwise Mr. Dimon is keeps to himself. Jamie Dimon is one of the most powerful people in finance. In 2006, he was president and CEO of JPMorgan Chase; he also became chairman of the board in 2007.
Jamie Dimon was born in New York City on March 13, 1956. A third-generation stockbroker, Dimon started his career working with Sandy Weill at American Express. After personal friction led to his parting ways with Weill, Dimon joined Bank One. This bank would merge with JPMorgan Chase, creating a financial giant that Dimon came to lead as president, chief executive officer and chairman of the board.
James Dimon grew up splitting his time between a Park Avenue apartment and the suburb of Larchmont in New York state's affluent Westchester County. Finance was the family business: Dimon's father and grandfather were both stockbrokers.
Dimon graduated from Tufts University in 1978 and later enrolled in Harvard Business School, where he established himself as a star student.
In the spring of 1998, a merger between Travelers and Citicorp resulted in the formation of Citigroup, company that would go on to become a massive banking corporation. Dimon became the president of Citigroup, but he would not stay in his new position for long. On the day that he left Citigroup, Dimon told a coworker, "I’m never going to work for anyone else again." Dimon was true to his word—the next job he took, in 2000, was as the chairman and CEO of Bank One, a Chicago institution that was experiencing financial difficulties.
Over the next three years, Dimon managed to fix the bank's balance sheets, and in 2004, he shepherded Bank One into a merger with JPMorgan Chase. Dimon became the president and chief operating officer of JPMorgan Chase after the merger, and he stepped in as CEO in 2006. A year after that, he was also chairman of the board.
J.P. Morgan Chase & Co. Chairman and Chief Executive James Dimon bought 500,000 of his bank’s shares recently. The $26 million purchase is designed to stem the tide of negative sentiment overwhelming bank stocks this year. The big-ticket stock purchase from one of the country’s most well-known bankers followed a 20% decline in J.P. Morgan’s share price so far this year and a broader selloff that has hit big banks such as Citigroup and Bank of America particularly hard.

By Barry Norman, Investors Trading Academy - ITA