Here is a look at the life of Jamie Dimon, chairman and CEO of JPMorgan Chase & Co.
Personal:
Birth date: March 13, 1956
Birth place: New York, New York
Birth name: James Dimon
Father: Theodore Dimon, stockbroker
Mother: Themis Dimon
Marriage: Judith “Judy” (Kent) Dimon (May 1983-present)
Children: Julia; Laura; Kara Leigh
Education: Tufts University, B.A. 1978; Harvard University, M.B.A., 1982
Other Facts:
He has a twin brother, Theodore Dimon, Jr., who is the founder of the Dimon Institute in New York.
Timeline:
1982-1985 – Assistant to American Express president Sandy Weill.
1996-1997 – Chairman and CEO of Smith Barney.
1997-1998 – Co-chairman and co-CEO of Salomon Smith Barney Holdings.
1998 – President of Citigroup. Dimon is forced out of the company after a falling-out with long-time mentor Sandy Weill.
2000-2004 – Chairman and CEO of Bank One Corporation.
2004 – Becomes president and chief operating officer of JPMorgan Chase & Co. when it merges with Bank One Corporation.
December 31, 2005 – Assumes title of chief executive officer and president at JPMorgan Chase & Co., effective January 1, 2006.
December 31, 2006 – Named chairman of the board at JPMorgan Chase & Co., effective January 1, 2007.
2011 – Earned $23.1 million in compensation as chairman and CEO of JPMorgan Chase & Co., making him the best paid bank CEO.
May 10, 2012 – On a conference call, reveals that a trading portfolio that was designed to help JPMorgan Chase hedge its credit risk lost $2 billion and could lose $1 billion more.
May 15, 2012 – Apologizes to JPMorgan Chase shareholders at the annual meeting. Shareholders approve Dimon’s $23 million pay package and preliminary results show that only 40% support a proposal that calls for the appointment of an independent chairman.
May 17, 2012 – Senate Banking Committee announces Dimon has been invited to appear before the committee at hearings looking into the JP Morgan trading losses from a regulatory angle.
June 13, 2012 – Dimon testifies before the Senate Banking, Housing and Urban Affairs Committee telling senators that while he did not approve the trades that led to the multi-billion dollar loss, he was aware of it.
June 19, 2012 – Dimon testifies before the House Financial Services Committee and says that he did not mislead shareholders.
July 13, 2012 – JPMorgan announces that the trading loss originally believed to be $2 billion is now approximately $5.8 billion. JPMorgan later discloses that the loss increased to $6.2 billion in the third quarter.
2012 – Due to the London Whale losses, Dimon’s pay package is reduced to $11.5 million, down from the previous year’s $23.1 million.
January 23, 2013 – Dimon apologizes to the shareholders by stating that the “whale” trade that caused the $6 billion loss was a “terrible mistake.”
May 21, 2013 – Approximately 68% of JPMorgan Chase stockholders vote to keep Dimon as chairman and CEO at the annual meeting, but three directors on the risk committee receive a narrow majority of only between 51% and 59% of votes.
September 19, 2013 – JPMorgan Chase agrees to pay about $920 million in fines to US and UK regulators to settle charges related to the “London Whale” trading scandal.
November 19, 2013 – Officials announce JPMorgan Chase has agreed to a $13 billion settlement to resolve several investigations into the bank’s mortgage securities business. According to the Justice Department, the deal is the “the largest settlement with a single entity in American history.”
January 24, 2014 – Dimon gets a 74% pay hike for 2013, even though JPMorgan Chase & Co was forced to pay billions in fines and settlements last year. In a government filing, JPMorgan Chase says that Dimon will receive $18.5 million worth of restricted stock that will vest over the next three years as his 2013 bonus. That’s up from a $10 million bonus for 2012. His $1.5 million base salary remains unchanged.
July 1, 2014 – Dimon releases a memo saying that he has been diagnosed with a curable throat cancer. He will receive radiation and chemotherapy treatment over the next eight weeks at Memorial Sloan Kettering Hospital in New York, but will remain working while undergoing treatment.
February 11, 2016 – After the price of JPMorgan Chase shares drop 25% from their all-time high during the summer, Dimon purchases $26.6 million in stock.