Jamie - Damon: United States recorded the rise of boy
?Since 2006, Jamie Dimon formally succeed William Harrison as JPMorgan new
CEO. The U.S. banking charm boy, 49 years old this year, but Wall Street has more
than one out of the main Street. June 1985, he followed along with Wall Street legend
Sandy Weill was from American Express &quot;exile&quot;, 1986, they
went to Baltimore, Maryland, took over Commercial Credit Corporation, 1988, it
merged with Primerica, then After a series of acquisitions, the formation of Travelers.
To April 1998, the merger of their operations for more than ten years of themselves
freely peak, Travelers Group and Citicorp deal worth 70 billion U.S. dollars, the birth
of a huge new United States empire, former Citigroup CEO Sandy Weill and John
Reed co-helm the new United States. Jamie Dimon, together with Sandy Weill, who
returned to New York. However, travelers in the United States and shortly after the
merger, which is &quot;son-type&quot; gold partner disharmony, Damon
was forced to leave the United States to Chicago, took over First American Bank, just
a few years later, the U.S. bank as if to fight a cause a &quot;Western United
States&quot;, in January 2004, JP Morgan Chase to 58 billion U.S. dollars
acquisition of a U.S. bank Citigroup after the merger in terms of scale. In this way,
back in New York Jamie Dimon, however, to return until this time, the
&quot;United States Kid&quot; Damon has been an unmitigated powerful
&quot;Fortune&quot; said, &quot;JPMorgan Chase acquired First
American Bank, is to Damon back to the big stage, and his site.&quot; In June
2004, JP Morgan Chase held in Beijing, the International Committee of
correspondents have asked Harrison and Jamie Dimon, he just laughed. Was just over
half of the merger, Dimon said to want to immediately take over CEO, but by
agreement, changes will be after two years, Harrison will step aside in 2006 Dimon,
its chairman of the board remain in office.
November 2005, early into the JP Morgan Chase&#39;s Jamie Dimon CEO
succession plan first came to China, his &quot;Business Week&quot; CEO
spoke at the annual meeting and affect their mentor, said, &quot;I can list five to
10 individuals, but never think that only one person driving me forward. &quot;
Damon thin, handsome, gray hair, deep down is a merger frenzy, this year he will
once again return to M &amp; A game - JP Morgan Chase in mid-2006 to
&quot;conduct a large-scale acquisitions.&quot; And Chinese origin deep
JPMorgan Chase will also be new changes in China, Damon hinted, &quot;JP
Morgan Chase will continue long-term commitment to China, while looking for our
If not for the loyalty, Jamie Dimon will be accepted in 1998 with Sandy Weill at
Citigroup co-CEO of John Reed as the invitation, one to Asia, the.
April 1998, Citigroup and Travelers Group, is shaking merger to create the Wall Street
Mixed precedent. Arrangements in the power, Dimon is considered the highest
position of the person under CEO. Lide Pei service Vail business sense and strong will,
but more and Damon like-minded young and promising. According to
&quot;United States empire,&quot; the disclosure, Reed invited Damon and
his wife arrived home and eat dinner, cook, also requested his next business trip
together to travel abroad to further a better understanding of this is an excellent
opportunity to discuss the merger.
Damon flattered. But this time Dimon and Sandy tensions have escalated. Dimon also
not forget that when they are still American Express, when Sandy Peter Cohen,
another aide close relationship with the CEO, James Robinson, when the wrath of
Sandy. If too close, and Reed, Sandy must make improper suspicion that Dimon
betrayed him. Damon Reed reluctantly declined the invitation.
Loyalty worth mentioning, break worth mentioning that all stories are due to Sandy
Weill&#39;s ambition and legends. Sandy started to brokers, mergers and
acquisitions continue to grow, 1981, 10 billion acquisition of American Express he
was in charge of the nation&#39;s second-largest securities firm Shearson. One
day in 1982, Sandy received the Harvard Business School graduate from a call from
Jamie Dimon, consult a career suggestions. Since then, Dimon in Sandy&#39;s
office began a career - this is 16 years now. He quickly learned all aspects, Havel very
much appreciate his wisdom, confidence and grace, that Damon could be qualified for
any work on Wall Street.
But after a few years, due to failure of a power struggle - against a Lou Gerstner, in
June 1985, 53-year-old Vail with 50 million U.S. dollars, and 28-year-old Damon,
separation from American Express.
This is the &quot;partner&quot; of a comeback in 1986 they went to
Baltimore, Maryland, took over Commercial Credit Corporation began acquisition of
Primerica Corporation in 1988, 1989 acquisition of Barclays Finance Corporation.
&quot;Fortune&quot;, commented, &quot;Sandy still Midas
touch.&quot; In 1991, Sandy awarded the title of president of the Primerica
Dimon, 35-year-old he became a Fortune 500 one of the youngest president.
After the merger is still constantly: in 1992, Primerica acquired Travelers Insurance
27 percent stake in 1993, bought back from the hands of Shearson American Express,
and eventually merged into Travelers Group. Empire in the reconstruction process,
Dimon has been Sandy&#39;s true biography, mind sharp, wrist decisive,
friendly and smart. July 1995, &quot;New York Times&quot; reported
&quot;Vail&#39;s loyalists: disciples of power from strength to
strength.&quot; &quot;Business Week&quot; as Damon put the
management elite, praised his &quot;well-trained, hands-on.&quot;
From the days of exile, the Sandy and Dimon has been concerned about
Citigroup&#39;s stock, which they want to create a model company. In 1990,
Primerica stock to new high, Damon found that the market value is higher even than
Big Brother. Just four years to achieve three billion U.S. dollars of Credit and
Commerce was incredible, but again ... big as the United States ...
&quot;That was fun!&quot; Damon shouted. Sandy puffing cigar, a good
recollection of the acquisition of United States about the idea. They each other as:
acquisition of United States? &quot;God! We too have aspirations it!&quot;
Sandy laughed and said, &quot;We have a large merger United
States.&quot; Dimon said, &quot;it would be the biggest acquisition
ever.&quot; Then suddenly interrupted by a phone call Their reverie, but both
have not forgotten the idea of United States brought them moving.
This time their relationship is still the most important, Dimon has moved from a
temporary stand-in Sandy, turned into another version of Sandy. Sandy increasing
reliance on him, he became everyone praised the &quot;Sandy Tung.&quot;
When Sandy had a thought, he would seek help to Damon, the brain can be calculated
at the same time several transactions of Dimon quickly give an answer. This
dependence increase year by year, once told Sandy, &quot;Business
Week&quot;: &quot;I have a son, he has a father, we are not using each
other, the love between us is sincere.&quot; They almost inseparable. In the
business meeting, Dimon to provide immediate information. Before the public,
Damon talk to some of their success from their homes and struggle story. When
people are introduced to Sandy, Sandy Dimon speaks stupid jokes made him
approachable. Sandy bad temper and greed as famous as the appetite. When Sandy
and Dimon quarrel, other people can somehow listen. Dimon sometimes anger against
Sandy, and even the sound of the boss as big.
&quot;You&#39;re a jerk!&quot; One time, Sandy directed at Damon
shouted. &quot;No, you are the son of a bitch!&quot; Dimon also cried.
Arguing intense echoes in the office, so that visitors know what to do, it was shrugged
explained, &quot;It is our Chairman and Chief Financial Officer at the
However, the fate of as many deputies as the relationship between Dimon and Sandy
became tense in 1997. Dimon refused Sandy&#39;s daughter Jessica in his
command of the promotion requirements of the office he was neither the time nor the
patience politics. Sandy Dimon very angry statement denying Dimon is his successor.
Crude up their quarrel poor. Board of Directors for the first time doubt whether their
personal healing the rift.
Nevertheless, their position in doing transaction is consistent, and constantly create a
financial empire, M is their source of strength. In the United States, &quot;the
ultimate deal&quot; before, Sandy has targeted the most prestigious JP Morgan
body. But the merger fail, Sandy did not enter the corridor hung a portrait of the old
Morgan - now from Damon White.
Loss of Sang Yu, closing the east corner. September 1997, Travelers Group bought
Salomon 9 billion U.S. dollars, Sandy Buffett praised his words to frame. Damon did
not believe this deal and loss of the Asian financial crisis of Solomon 5 million. His
power was weakened, Sandy interference management meetings chaired, Damon
protested, &quot;you in trouble, we have important work to do.&quot;
Sandy flushed, roaring like cattle, &quot;Damn, Damon, This is my company!
In 1998, after the formation of Citigroup, Sandy and long-term accumulation of
Dimon and finally reached the pole is not. November 1, Sunday, Dimon was fired. He
fight back pain, &quot;Look, I&#39;ve done in this company for 16 years,
all the effort I spent on it, and I want to tell you that this is a fairy-tale place. Continue
to be proud of yourselves now! &quot;managers applauded. Sandy said,
&quot;you act very polite and conservation, I still respect you, love
you.&quot; Dimon also very moved. Sandy to embrace him, Damon stepped
back, &quot;Please do not hug me!&quot;
Monday, Dimon&#39;s resignation announcement, Citigroup shares fell nearly 5
points, two weeks, the market value of 11 billion U.S. dollars evaporating. Dimon, 42,
has 30 million U.S. dollars in cash and stock, but do not know what to do, he went to
boxing classes, home for dinner every day, writing in his notebook: investors, teachers,
writers, family Lord, &quot;Husband&quot; ... ... the end he rejected the
Amazon, Starwood Hotels, the British bank, Berkeley, have chosen the
nation&#39;s fifth largest bank First American Bank.
Dimon has also spent a lot of time to reflect on the relationship between him and
Sandy. He gave a Columbia Business School MBA class of Shakespeare seminar,
pointed out that public criticism of King Lear was banished Earl of Kent, could have
been more strategic at the same time without losing the honesty and integrity.
December 6, 1999, after mediation, Dimon and Sandy sat together at the Four Seasons
hotel, their confidence to talk to. The next day, &quot;Financial
Times&quot; published in the three major front page news: a record U.S. budget
deficit, the Russian civil war, and Dimon Sandy and shake hands, &quot;Wall
Street is well known in the old grudge ... ... finally resolved.&quot;
February 28, 2000, Reed retired, Sandy monopolize all powers. One week later,
Damon became the first Bank of the United States Chairman of the Board CEO,
shares up 12%. Damon took the family moved to this &quot;Windy
City&quot;, this native New York guy also bought his first car. Damon
immediately cut spending, write off bad debts, replace the management. When asked
who his role models, Damon replied: &quot;Sandy Weill.&quot;
The new head of JP Morgan Chase
Out of Sandy&#39;s &quot;halo&quot;, Dimon has shown
&quot;leadership in a financial company&#39;s ambitions and
aspirations&quot;, Wall Street also Dimon favoring the rich charismatic, he has
become one of the banking industry leaders.
March 2006, &quot;Bloomberg&quot; magazine Jamie Dimon at JP
Morgan Chase reported a &quot;magic attack.&quot; He hailed a few years
ago was a type of fast gunmen, but the new JP Morgan takes patience, he was much
more low profile than before, to see the employees asked what they think, he even
mistakes in the accounts for a small apology. &quot;I did not think he will
change so much.&quot; Commercial Credit in 1986, knew him, is now a senior
adviser to the 罗伯特利普 JP Morgan said.
Damon began rising again in the Chicago trip. The Midwest largest U.S. credit card
issuing banks struggling third, loss of 510 million U.S. dollars. Damon has taken a
series of measures, &quot;we not only cutting trees, we saw&quot; more
than two years to turn around the United States First Bank in 2002, 3.3 billion profit
in 2003 was 35 billion. Buffett has sent a letter to Damon, the annual report that
Damon did the best he ever seen.
By dismissed the agreement, Damon 3 years can not be dug from the United States,
but before his reconciliation with Sandy, the United States a few banks have already
hired Citigroup&#39;s senior managers. Some loyalists have joined Damon left
the United States, &quot;non-compete&quot; contract null and void. Sandy
was furious, tell Dimon said (when no one is talking), &quot;CEO does not do
this.&quot; Summer of 2001, when Damon initiative to the United States dug
person, this brain drain or even a bank is called the US- for the &quot;Western
United States,&quot; Sandy have refrained.
September 2002, Damon to New York on business, Sandy asked him in the United
States private dining room for lunch, &quot;my manager is happy to go there
instead of you people there.&quot; Citigroup is in trouble then. Damon did not
make it clear that the United States of a bank&#39;s business extends to
brokerage side, but he was clearly ready to make trouble on Wall Street as soon as
possible to enter. Damon has been rumored hostile takeover United States intended to
rival JP Morgan Chase was the largest. Dimon may be aware of a challenge from
across the street, Sandy said, &quot;It would be very interesting.&quot;
When Citigroup&#39;s managers saw Damon, all come and shake his hand.
When they feel that Sandy can and Damon together, everything can settle up. Despite
the white hair, Damon is vibrant as ever.
January 2004, JP Morgan Chase to 58 billion U.S. dollars acquisition of a U.S. bank
with total assets of 1.1 trillion, behind Citigroup. After completion of the transaction,
Damon received the first call is Sandy, and he is calling Citigroup CEO Prince. The
rise of the year United States changed the rule on Wall Street from the Morgan family
structure, now at the helm Dimon JP Morgan Chase, is to allow Morgan to revive
former glory. &quot;JP Morgan to lead to even more remarkable, is my
dream.&quot; Dimon said in Beijing.
In 2004, Harrison said that JP Morgan will continue to compete with the United States
wholesale banking business, &quot;but we have no intention of becoming a
global consumer bank.&quot; Dimon said JP Morgan has a strong in China,
wholesale banking, mergers and acquisitions also hope to enter retail banking,
&quot;but Morgan Chase in China&#39;s development is a long-term, we
will follow their own rhythm, we have the time and patience.&quot; As for the
foreign stake in China&#39;s banking sector for two years, nothing in JP Morgan
Chase, Dimon said, &quot;Actually, we talked a lot, only 20% of the shares does
not appeal to us, our ultimate concern is not price, but whether they can win. If you
find good partners and opportunities, we will not hesitate. &quot;