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Jamie Dimon Net Worth

Jamie Dimon net worth
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What is Jamie Dimon net worth?

Net worth$2 billion
NameJamie Dimon
Date March 13, 1956
OccupationBusinessman
NationalityAmerican

Jamie Dimon net worth 2021: Jamie Dimon is an American billionaire businessman. He is the chairman and chief executive officer (CEO) of JPMorgan Chase, the largest of the big four American banks. Dimon is one of the few bank chief executives to become a billionaire, thanks in part to a US$485 million stake in JPMorgan Chase.

Early life

Dimon was born in New York City, one of three sons of Greek immigrants Theodore and Themis Dimon, and attended The Browning School.

His paternal grandfather was a Greek immigrant who changed the family name from Papademetriou to Dimon to make it sound more French, and worked as a banker in Smyrna and Athens.

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He majored in psychology and economics at Tufts University, where he graduated summa cum laude. At Tufts, Dimon wrote an essay on Shearson mergers; his mother sent the paper to Sandy Weill, who hired Dimon to work at Shearson doing budgets during one summer break.

After graduating, he worked in management consulting for two years before enrolling at Harvard Business School, along with classmates Jeff Immelt, Steve Burke, Stephen Mandel, and Seth Klarman.

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During the summer at Harvard, he worked at Goldman Sachs. He graduated in 1982, earning an MBA as a Baker Scholar.

After graduation from Harvard Business School, Sandy Weill convinced him to turn down offers from Goldman Sachs, Morgan Stanley, and Lehman Brothers to join him as an assistant at American Express. 

Although Weill could not offer the same amount of money as the investment banks, Weill promised Dimon that he would have “fun”. Dimon’s father, Theodore Dimon, was an executive vice president at American Express.

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Career

Sandy Weill left American Express in 1985 and Dimon followed him. The two then took over Commercial Credit, a consumer finance company, from Control Data.

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At 30 years of age, Dimon served as the chief financial officer, helping to turn the company around. Through a series of mergers and acquisitions, in 1998 Dimon and Weill were able to form a large financial services conglomerate, Citigroup. Dimon left Citigroup in November 1998

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In March 2000, Dimon became CEO of Bank One, the nation’s fifth largest bank. When JPMorgan Chase purchased Bank One in July 2004, Dimon became president and chief operating officer of the combined company.

On December 31, 2005, he was named CEO of JPMorgan Chase and on December 31, 2006, he was named Chairman and President.

Achievements

Under Dimon’s leadership, with the acquisitions during his tenure, JPMorgan Chase has become the leading U.S. bank in domestic assets under management, market capitalization value, and publicly traded stock value. In 2009, Dimon was considered one of “The TopGun CEOs” by Brendan Wood International, an advisory agency.

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As head of JPMorgan Chase, Dimon oversaw the transfer of $25 billion in funds from the U.S. Treasury Department to the bank on October 28, 2008, under the Troubled Asset Relief Program (TARP).

 This was the fifth largest amount transferred under Section A of TARP to help troubled assets related to residential mortgages.

It has been widely reported that JPMorgan Chase was in much better financial shape than other banks and did not need TARP funds but accepted the funds because the government did not want to single out only the banks with capital issues.

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JPMorgan Chase advertised in February 2009 that it would be using its capital-base monetary strength to acquire new businesses.

Challenges

In the case of the 2012 JPMorgan Chase trading loss, according to a US Senate report published in March 2013 after 9 months of investigation, Dimon misled investors and regulators in April as losses rose dangerously to $6.2 billion on a “monstrous” derivatives bet made by the so-called “London Whale” Bruno Iksil.

Jamie Dimon Net Worth

Jamie Dimon net worth is $2 billion. imon is one of the few bank chief executives to become a billionaire, thanks in part to a US$485 million stake in JPMorgan Chase. He received a $23 million pay package for fiscal year 2011, more than any other bank CEO in the US.

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 However, his compensation was reduced to $11.5 million in 2012 by JPMorgan Chase following a series of controversial trading losses amounting to $6 billion. Dimon received $29.5 million in fiscal year 2017.

Personal life

In 1983, Dimon married Judith Kent, whom he met at Harvard Business School. They have three daughters: Julia, Laura, and Kara Leigh.

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He under went an operation in 2020 to repair a tear in the inner layer of the aorta.

Awards and honors

  • 1994, The Browning School Athletic Hall of Fame
  • 2006, Golden Plate Award of the American Academy of Achievement presented by Richard M. Daley, the Mayor of Chicago
  • 2010, The Executives’ Club of Chicago’s International Executive of the Year
  • 2011, National Association of Corporate Directors Directorship 100
  • 2012, Intrepid Salute Award
  • 2016, Americas Society Gold Medal
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