- 05 February, 2023
- 664535
James Dimon | Investment banker
James Dimon (born
March 13, 1956) is an American billionaire businessman and banker who
has been the chairman and chief executive officer of JPMorgan
Chase since 2005. Dimon was previously on the board of directors of
the Federal Reserve Bank of New York. Dimon was included in Time magazine's 2006, 2008, 2009, and
2011 lists of the world's 100 most influential people. Dimon's net
worth is estimated at $1.8 billion.
Dimon is one of the few bank chief executives to become a billionaire, largely because of his 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. 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.
Early life
and education
Jamie Dimon was
born in New York City. He is one of three sons of Theodore and Themis (née
Kalos) Dimon, who had Greek ancestry. His paternal grandfather was a Greek immigrant who worked as a
banker in Izmir and Athens, and changed the family name from Papademetriou
to Dimon; reportedly it was either because as he was trying to find work as
a busboy he realized people didn't want to hire Greeks, or because he
had fallen in love with a French girl and wanted his name to sound French. Dimon has an older brother, Peter, and a
fraternal twin brother, Ted. Both his father and grandfather were stockbrokers
at Shearson.
He attended
the Browning School, and majored in
psychology and economics at Tufts University, where he graduated summa
cum laude. At Tufts, Dimon wrote an essay on Shearson's mergers; his mother
sent the paper to Sandy Weill, who hired Dimon to work at Shearson during
one summer break, doing budgets.
After
graduating, he worked in management consulting at Boston Consulting Group for two years before enrolling
at Harvard Business School, along with classmates Jeff Immelt, Steve
Burke, Stephen Mandel, and Seth Klarman. 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, he promised Dimon that he would
have "fun". Dimon's father,
Theodore Dimon, was an executive vice president at American Express.