Jamie Dimon and the Turnaround of Bank One


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Case Details:

Case Code : BSTR325
Case Length : 15 Pages
Period : 2000-2003
Pub Date : 2009
Teaching Note :Not Available
Organization : Bank One Corporation
Industry : Banking; Financial Services
Countries : USA

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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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"Jamie Dimon is a great manager, but he's not Hercules, able to achieve mythical events."1

- Michael Mayo, Equity Analyst, Credit Suisse First Boston2 (CSFB), in 2001.

"We have been doing the right stuff and we have become a little oasis in the storm."3

- Jamie Dimon (Dimon), Chairman and CEO, Bank One Corporation, in 2002.

Introduction

On January 3, 2003, Jamie Dimon (Dimon), the then Chairman and Chief Executive Officer (CEO) of Chicago-based retail banking and credit card major Bank One Corporation (Bank One), was awarded the 2002 CEO of the year award4 by Morningstar Inc.5 (Morningstar). Dimon was recognized with this award for steering Bank One through turbulent times in the financial services industry. On Dimon being given the award, Patrick Dorsey (Dorsey), director, stock analysis, Morningstar, said, "The 2002 winner of Morningstar's CEO of the Year award proves that you don't need a grand strategy to run a great business - you just need to get the basics right. Jamie Dimon has transformed what once was considered one of the most poorly run banks in the country into a solidly profitable firm with a bright future."6

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1] Joseph Weber, "Can Jamie Dimon Win at Cards?" www.businessweek.com, April 23, 2001.
2] Credit Suisse First Boston is a leading investment bank and stock broker.
3] Jim Wisuri, "Deal with the Truth, Bank One CEO Dimon Tells TMA Chicago/Midwest Chapter at its Annual Senior Lenders Forum," www.turnaround.org, October 21, 2002.
4] The award recognized executives for their strategic thinking ability and turning the success of an organization into shareholders' wealth.
5] Morningstar Inc. is a Chicago-based investment research firm that offers data on mutual funds, stocks, and other investment offerings to individuals, clients, and financial advisors. For the year-ended 2007, it recorded revenues of US$ 435 million.
6] "Morningstar Names Bank One's Dimon as 2002 CEO of the Year," http://goliath.ecnext.com, January 3, 2003.


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