Jamie Dimon: The Turnaround Specialist

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Case Details:

Case Code : LDEN060
Case Length : 28 Pages
Period : 2000-2009
Pub Date : 2009
Teaching Note :Not Available
Organization : JPMorgan Chase & Co.
Industry : Financial Services & Banking
Countries : USA

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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Introduction Contd...

Dimon had become well known in the financial services scenario during the late 1980s, for turning around Baltimore-based consumer lending company, Commercial Credit Corp. (Commercial Credit) with Sandy Weill (Weill), a successful entrepreneur in the financial services industry. In 2000, Dimon had been instrumental in turning around Chicago-based retail banking and credit card major - Bank One Corporation⁴ (Bank One).

Dimon was also credited with steering JPMorgan Chase through turbulent times in the financial services industry. JPMorgan Chase's write down⁵ of US$ 1.3 billion in 2007 was in stark contrast to those of Merrill Lynch & Co. Inc.⁶ (Merrill), Citigroup Inc.⁷ (Citigroup), and UBS AG⁸ (UBS) which had write downs of around US$ 20 billion each.⁹

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Its capital ratio of 8.4 percent was also stronger than that of other banks who were raising billions of dollars to maintain their capital adequacy ratios, in 2007.¹⁰

Excerpts >>

4] Bank One Corporation was formed as a result of the merger between Banc One Corporation and First Chicago NBD Corporation announced on April 13, 1998.
5] Write down refers to a decrease in the book value or carrying value of an asset in the balance sheet.
6] Merrill Lynch, founded in 1914, is one of the world's leading financial management and advisory companies. Its businesses are divided into Global Markets and Investment Banking Group, Global Private Client, and Merrill Lynch Investment Managers.
7] Citigroup Inc. is headquartered in New York and is the largest financial services company in the world.
8] UBS AG is a Switzerland-based bank which leads in investment banking and securities globally and is one of the largest asset managers at a global level. As of December 2008, it had 75,000 employees across the world (Source: www.ubs.com).
9] "Jamie Dimon Accepts Asian Leadership Award," www.theasianbanker.com, May 7, 2008.
10] "Jamie Dimon Accepts Asian Leadership Award," www.theasianbanker.com, May 7, 2008.

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