Jpmorgan Ceo Jamie Dimon Quotes

I’ve found the same results at numerous organizations. At a senior leadership event at JPMorgan Chase, CEO Jamie Dimon predicted that the executive sitting next to him would have a 100 percent chance of guessing it. He turned out to be right—but most of the time, we’re overconfident in our predictions. Why? It’s humanly impossible to tap out the rhythm of a song without hearing the tune in your head. That makes it impossible to imagine what your disjointed knocks sound like to an audience that is not hearing the accompanying tune. As Chip and Dan Heath write in Made to Stick, “The listeners can’t hear that tune—all they can hear is a bunch of disconnected taps, like a kind of bizarre Morse Code.

Personal responsibility is completely foreign to the highest echelons of the Street. Citigroup’s stock fell 44 percent in 2011, but its CEO, Vikram Pandit, got at least $5.45 million on top of a retention bonus of $16.7 million. The stock of JPMorgan Chase fell 20 percent, but its CEO, Jamie Dimon, was awarded a package worth $22.9 million.

Our constant concern, in writing regulations, was to preserve financial stability without constraining credit or economic growth any more than necessary. Two years earlier, JPMorgan CEO Jamie Dimon had asked me at a public forum whether we had calculated the cumulative economic effect of all the new rules we were putting into place. We did as a matter of course attempt to analyze the costs and benefits of individual rules, and even groups of related rules, but I told him that a comprehensive calculation wasn’t practical. My answer wasn’t very satisfying, and Jamie’s willingness to challenge me in public on behalf of his fellow bankers made him a short-lived hero on Wall Street. A better answer would have been to point out to Jamie the immeasurable economic and human cost of failing to write adequately tough rules and permitting a repeat of the crisis we had recently endured.

The next day, Adam met with Jamie Dimon on the forty-third floor of JPMorgan’s headquarters. Adam told Dimon that he wasn’t sure there was any way forward for him as CEO. Dimon agreed. No one scandal or decision had taken Neumann down, but it had been a year full of one blemish after another on the heels of a decade in which he could do no wrong. “How could this happen?” Adam told Dimon, according to a person familiar with the conversation. “I did everything you told me to do.” “Adam,” Dimon said. “You did nothing that I told you to.” This wasn’t strictly true. JPMorgan, SoftBank, and WeWork’s other investors had enabled and encouraged Adam for years. It was only when his erratic behavior threatened their own reputations that they turned on him.

This was Chase’s second sweetheart deal in less than a year. Six months before, in March 2008, Chase had “rescued” the imploding investment banking giant Bear Stearns, buying the venerable firm with the aid of $29 billion in guarantees extended by the New York branch of the Federal Reserve—whose chairman of the board of directors at the time was, get this, JPMorgan Chase CEO Jamie Dimon.