Jamie Dimon on the Recovery, The Recession Question & Succession

Jamie Dimon Discusses JPMorganChase's Investment In Detroit
Photo by Mark Wilson/Getty Images
William D. Cohan
July 7, 2021

When Jamie Dimon took over JPMorganChase, in 2005, the place was a disaster. The bank was the Franken-product of one big, poorly integrated merger after another—of Chemical Bank; of Manufacturers Hanover Bank; of Texas Commerce Bank; and then, in January 2001, the combination of Chase Manhattan and JPMorgan & Co., which united the bank of the Rockefeller family with the house of the most feared and revered financier in American history, J.P. Morgan. Dimon entered the fold after JPMorganChase bought Bank One, the Chicago financial institution that he was running after he was famously defenestrated from Citigroup by his onetime mentor, Sandy Weill. Buying Bank One for $58 billion to essentially acqui-hire Dimon was perhaps the smartest move that William Harrison, Dimon’s predecessor, made while running JPMorganChase.