Jamie Dimon: The Turnaround Specialist
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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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Abstract:
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This case discusses about the managerial and leadership
qualities of Jamie Dimon (Dimon), CEO of US-based banking major, JPMorgan Chase
& Co. (JPMorgan Chase). Dimon was credited in the financial services industry
for turning around several beleaguered companies including Baltimore-based
consumer lending company, Commercial Credit Corp., Chicago-based retail banking
and credit card major Bank One Corporation (Bank One). He was also accredited
with steering JPMorgan Chase through turbulent times in the financial services
industry. Analysts attributed Dimon for his inspirational leadership style and
his comprehensive turnaround plan that led to the spectacular turnaround of
JPMorgan Chase.
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Moreover, his decision to exit the then
booming subprime mortgages business that helped JPMorgan Chase
trudge through the financial downturn, while its competitors
like Merrill Lynch Co. & Inc., UBS AG, and Goldman Sachs & Co.
suffered damages due to the credit crunch, also caught the
attention of the analysts.
Sensing an opportunity in the prevailing adversity, Dimon went
ahead with JPMorgan Chase's acquisition of Bear Stearns
Companies Inc. (Bear Stearns), in March 2008. While a few
analysts felt that it was logical for Dimon to acquire Bear
Stearns since it would enhance JPMorgan's existing business
portfolio, others felt that his decision could prove expensive
if the US economy weakened further.
Issues:
» Understand the issues and challenges in turning around a company.
» Evaluate the strategies adopted by Dimon in turning around Bank One and
JPMorgan Chase.
» Understand how Dimon steered JPMorgan Chase through turbulent times in the
financial services industry.
» Examine the rationale behind the acquisition of Bear Stearns by JPMorgan
Chase.
» Gain an insight into the leadership qualities of Dimon.
Contents:
Keywords:
Leadership, Management style, Turnaround strategy, Financial services industry, Acquisition, subprime mortgage crisis, economic slowdown, restructuring, investment banking, housing mortgage market, Merger, proprietary trading, consumer banking, Commercial banking, Retail financial services, financial services industry, JPMorgan Chase, Bank One, Bear Stearns
Jamie Dimon: The Turnaround Specialist
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