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Bear Stearns Another Chance for Dimon to Shine

March 17, 2008 11:18 AM
by findingDulcinea Staff
Analysts agree that J.P. Morgan Chairman and CEO Jamie Dimon is at the top of his game, keeping his company afloat while other institutions flounder.

30-Second Summary

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The Bear Stearns takeover puts J.P. Morgan Chase & Co.’s highly respected chairman and CEO Jamie Dimon in the spotlight once again.

In a time of irrefutable economic peril, Dimon is “quickly becoming Wall Street’s banker of last resort,” according to The Wall Street Journal.

“Mr. Dimon has emerged as one of Wall Street's most powerful players at a time when many firms are scrambling for leadership,” the Journal writes.

Dimon has been with J.P. Morgan since 2004, following its merger with Bank One Corporation, where he had been chairman and CEO since 2000.

Before that, however, came Dimon’s infamous ouster from Citigroup Inc. following a power struggle with that institution’s then chairman and Dimon mentor Sandy Weill.

Despite rumors that he would never recover from that downfall, 10 years later Dimon is not only thriving, he has ensured J.P. Morgan’s success in the most hazardous economic situation the United States has seen in decades.

That is exactly why Fortune magazine named him number 15 in the “25 Most Powerful People in Business.”

“While Citigroup, Wachovia, and Bank of America struggle with multibillion-dollar losses, one big bank is emerging relatively unscathed from the market meltdown: J.P. Morgan Chase. That is a tribute to Jamie Dimon, its CEO since early 2006,” Fortune wrote.

Headline Links: Dimon steers J.P. Morgan through crisis

Background: J.P. Morgan agrees to buy Bear Stearns

Related Topic: Dimon vs. Weill

Dimon talks about the recession

Biography: Jamie Dimon

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