There is perhaps no detail more telling about Jamie Dimon’s tenure at JPMorgan Chase than the fact that, a decade after the crisis, he’s still at the helm.
He is the rare crisis-era CEO who, barring any unforeseen surprises, will have the opportunity to someday leave on his own terms.
Still, while Dimon’s title has remained the same, the $2.6 trillion-asset company he runs has changed immensely over the past decade. That’s due, in part, to a pair of acquisition JPMorgan made as the housing market was crashing.
With the assistance of the Fed, JPMorgan in March 2008 bought Bear Stearns, as the storied investment bank was on the brink of collapse. Six months later, it acquired the failed Washington Mutual Bank.
Those deals came back to bite Dimon, as the problems JPMorgan inherited were a big reason the bank in 2013 wound up paying a record $13 billion settlement with regulators over the sale of faulty mortgages.
Dimon’s reputation was bruised in other ways, as well. In the spring of 2012, for instance, JPMorgan’s $6 billion London Whale trading loss became a symbol of risky behavior and lax controls at big banks.
But Dimon survived — and kept his company profitable throughout the tumult. Over the past year, JPMorgan has embarked on a new phase of growth, announcing a 400-branch expansion in several major East Coast markets. It also launched a digital-only bank for millennials.
Dimon has also come to embrace his role as the industry's elder statesman, taking the lead in several public policy debates as the head of the Business Roundtable, an influential corporate lobbying group.
Amid chatter about his political ambitions, Dimon, 62, made it clear in January that he’s staying put at JPMorgan for five more years.