Primerica success story1/20/2024 ![]() “There are certain things you shouldn’t be surprised about: how do you do accruals, what are your real margins, what are you bullshitting yourself about? I was always a real fanatic about this.” In his own words: “You have to know every asset, every liability, every person. His early access to senior people in banking and other industries at Weill’s side also formed his opinions on what makes people good leaders and what does not.Įven as he runs a huge global business active in every area of banking today, he manages to maintain that approach – which he distils down to “diligence and discipline” – and instil it in his management team, who are then responsible for transmitting it throughout the firm. He was never afraid of getting his hands dirty, visiting warehouses and even clients who claimed they couldn’t pay back their loans to understand what the real situation was. There a young Dimon took a knife to unexplained spending and poor performance. More than that, Dimon has a surgical approach to running a business, forged early in his career as a lieutenant to Sandy Weill, for whom he took on the role of CFO of Commercial Credit at the age of just 30 in 1986. He seems to have innate instinct for what works – and what doesn’t – at a bank. ![]() He was studying and learning about the industry in high school. And since 2008, Dimon’s firm has truly outdistanced its competitors.ĭimon has banking blood in his veins both his father and grandfather had careers in finance. JPMorgan’s fortress balance sheet (how smart that strategy, begun when JPMorgan Chase merged with Bank One in 2004, looks now with hindsight) helped the bank survive the global financial crisis better than almost any other developed market bank. If you divide investment banking into the 24 sub-categories calculated by data provider Coalition, it was top in 16 of them last year and top three in seven of the others. The firm has topped the global overall fee league tables each year for a decade. ![]() The bank is not just about size, it is also about quality. Its nearest US challenger, Bank of America, is worth almost $100 billion less. JPMorgan Chase is also the most valuable bank in the world, with a market capitalization of over $350 billion. Those returns make it the most profitable bank in the world, if you set aside the peculiarities of the big Chinese state-owned banks. ![]()
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