01 Jun 2006
Banking on SuccessTopics:
As president and CEO of JPMorgan Chase, the nation’s third-largest financial corporation, Jamie Dimon (MBA ’82) has a shot to prove whether the model of one-stop-shop for financial services really works. It’s a model he helped build at Citigroup before being pushed out by his boss and mentor, Sandy Weill, in 1998. Undaunted, he turned around a flagging Bank One, where he was chairman and CEO, and sold it in mid-2004 to JPMorgan Chase, where he immediately became president and, since January, CEO. Still committed to the supermarket model of banking, Dimon has a straightforward formula for success: “It’s all about having the best systems, the best people, the best products, and the best risk controls,” he told Fortune (April 3, 2006).
Since arriving at JPMorgan, Dimon has driven down costs, consolidated systems, and promoted a more aggressive sales culture. “If the market is convinced you’ll keep the cost line flat and that you have the discipline to raise revenues faster than your competitors, your stock price can rise in double digits,” he said.
Class of MBA 1982, Section I