American Jamie Dimon has a net worth of $2 billion as a CEO and investment banker. Jamie Dimon’s wealth comes from his position as CEO and chairman of JPMorgan Chase & Co, the largest bank in the United States. In 2006, 2008, 2009, and 2011, Jamie was named one of Time’s 100 Most Influential People in the world.
In addition, he served as a director for the New York Federal Reserve. Dimon stands out among bank CEOs since he achieved billionaire status without being a firm’s founder. He is one of the few people in history to become a billionaire after working for a company but not starting it.
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Early Life and Career Beginnings
James Dimon was born to Themis and Theodore Dimon, Greek immigrants, in New York City in 1956. Peter is his older brother, and he and Ted are fraternal twins. Both of Dimon’s parents worked as stockbrokers at Shearson. The Browning School was an all-boys boarding school where Dimon spent his formative years.
He then attended Tufts University, where he earned a bachelor’s degree in economics and a doctorate in psychology with the highest honors. Once he finished college, Dimon spent a few years in the management consultancy industry before heading to Harvard. He was an intern at Goldman Sachs over the summer.
When Dimon earned his master’s degree in business administration in 1982, the financial world took notice. After receiving offers from Morgan Stanley, Goldman Sachs, and Lehman Brothers, banker Sandy Weill recommended that he take a job working as an assistant to Dimon’s father, who was an executive vice president at American Express.
Upon Weill’s departure from American Express in 1985, Dimon soon followed. As a team, they eventually took control of Commercial Credit, a consumer lending company. Dimon was CFO of Commercial Credit and played a key role in the company’s successful turnaround.
In 1998, Dimon and Weill were successful in forming the financial services behemoth Citigroup through a series of mergers and acquisitions. After Weill requested Dimon to retire from Citigroup, he did so soon after. Jamie left Citigroup with a pre-tax profit of $110 million after selling 2.3 million shares.
There are now like 30 crypto OGs with a higher net worth than Jamie Dimon. Why does his opinion on bitcoin still matter? pic.twitter.com/4Llf9mLuaB
— Ryan Selkis 🥷 (@twobitidiot) May 5, 2021
James Dimon
| Net Worth: | $2 Billion |
| Salary: | $27.5 Million |
| Date of Birth: | Mar 13, 1956 (66 years old) |
| Gender: | Male |
| Profession: | Entrepreneur, Banker, Businessperson |
| Nationality: | United States of America |
J.P. Morgan
Dimon took over as CEO of Bank One, the fifth largest bank in the United States, in the early years of the new millennium. When JPMorgan Chase acquired the bank four years later, Dimon was promoted to president and COO. The next year, on December 31, 2005, he was promoted to the position of a chief executive officer at JPMorgan Chase.
A year later to the day, he was promoted to chairman and president. The acquisitions undertaken by JPMorgan Chase when Dimon was CEO helped propel the company to the top of the US banking industry in terms of total assets, market capitalization, and market value of the publicly traded stock.
JPMorgan Chase held an emergency conference call in May 2012 to announce a trading loss of at least $2 billion. To protect the bank from potential credit losses, Dimon said the trades had not been properly examined or executed.
After nine months of study, the US Senate released a report stating that Dimon had misled investors and authorities and that the bank had hidden losses and evaded inspection. Dimon’s pay for the 2011 fiscal year was consequently decreased. As reported, Dimon would receive $20 million in compensation for his efforts in 2013, a year that witnessed record earnings and stock prices despite the scandal and sanctions.
TARP Transfer
In 2008, when Dimon was still CEO of JPMorgan Chase, he managed the Troubled Asset Relief Program transfer of $25 billion to the bank from the US Treasury. It was the fifth greatest amount transferred under TARP’s Section A to help with residential mortgage-related problematic assets.
However, the government had not pushed forward with the money as of early 2009. Since JPMorgan Chase is one of the most financially secure of the big US banks, many people thought it was unnecessary for them to take the money and the transaction was met with strong opposition.
Salary and Compensation
Jamie receives a yearly salary of $27.5 million. In addition to his base salary, Jamie receives incentives, stock options, use of a private plane, and a personal bodyguard, for total annual pay of $30 million to $40 million. Jamie Dimon’s fortune hit a new high of over $1 billion in June of 2015.
About $120 million in salary and dividends has accumulated during Jamie’s tenure at JP Morgan. He has also received a substantial stock award. At the time, Jamie owned 6.1 million shares of JP Morgan, which had a market value of $793 million, as stated in a company filing.
To add to this $873 million is $80 million in options that Jamie can exercise. At the depths of the financial crisis in 2008, his assets were worth just under $100 million. He also has a $30-$40 million residence on Park Avenue and a 30-acre property in Bedford Corners, New York, outside of his stock dealings. Jamie’s financial assets outside of JP Morgan are valued at just over $500 million, reports Bloomberg.
Political Affiliations
In terms of political affiliation, Dimon is most closely associated with the Democratic Party, to which he has made several financial contributions. He is friendly with former Chief of Staff Rahm Emanuel and other Obama administration officials. The Associated Press also noted that he was one of three CEOs who had met with former Treasury Secretary Tim Geithner. The others were Vikram Pandit and Lloyd Blankfein.
Dimon is a Democrat by affiliation, although he has been vocal in his opposition to several of Obama’s initiatives. More than that, in December of 2016, he participated in a business forum organized by Donald Trump to provide policy advice on economic matters.
Personal Life and Health
Dimon first met Judith Kent while they were both students at Harvard Business School. The couple was married in 1983, right after they both finished college. They have three kids together, and their names are Julia, Laura, and Kara Leigh.
Dimon had radiation and chemotherapy for eight weeks after being diagnosed with throat cancer in 2014. In the year 2020, he had unexpected heart surgery to fix an aortic tear. After he got better, he went back to work, but this time from home because of the COVID epidemic.
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Honors
Mayor Richard M. Daley of Chicago honored Dimon with the American Academy of Achievement’s Golden Plate Award in 2006. The International Executive of the Year award was given to Dimon by the Executives’ Club of Chicago in 2010. The Americas Society Gold Medal, the Intrepid Salute Award, and the Directorship 100 Award from the National Association of Corporate Directors are just a few of the other accolades they have received. Dimon was also named one of Time’s 100 most influential persons in the world in 2006, 2008, 2009, and 2011.
Conclusion
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