The New York Times once referred to Jamie Dimon as “America’s least-hated banker.” For a Wall Street titan, that’s about as good as it gets.
A version of this article appeared in the July–August 2018 issue (pp.124–130) of Harvard Business Review.
“Managers Don’t Have All the Answers”
A conversation with JPMorgan Chase CEO Jamie Dimon
From the Magazine (July–August 2018)
· Long read
ARTURO OLMOS
Summary.
Dimon has been at the helm of JPMorgan Chase, the biggest bank in the United States, for more than 12 years. A straight-talking guy from Queens (albeit a billionaire with an MBA from Harvard Business School), he has led the bank on a steady path of growth, having weathered both the 2008 financial crisis and the “London Whale” trading scandal. Dimon calls that latter episode “the stupidest and most embarrassing situation I have ever been a part of.”
In this edited conversation with HBR’s editor in chief Adi Ignatius, Dimon talks about the public’s view of Wall Street, post-recession regulations, the risk of cyberattacks, globalism, inequity, and the rebuilding of U.S. cities. JPMorgan has a plan to invest $150 million in Detroit by 2019 to help launch small businesses, retrain workers, and revive the property market. It has announced similar investments in underserved areas of Chicago ($40 million) and Washington, DC ($10 million).
“It’s good to help society,” Dimon says. “Our customers love it; our employees love it.”