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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Excerpts

His Early Years

Dimon was born on March 13, 1956, in New York. His father, Theodore Dimon, was a broker at Shearson, a brokerage firm. Not surprisingly, Dimon too developed an interest in the financial sector. While he was pursuing his graduation at Tufts University (Tufts), Dimon worked one summer at Shearson and learned about the securities industry.

In addition to gaining insights into the securities industry, Dimon got the opportunity to meet Weill. After completing his graduation from Tufts, in 1978, he worked in management consulting for a couple of years. During the same time, he served as an intern at Goldman Sachs & Co. (Goldman Sachs)...

Trouble Begins at Bank One

In 1999, Bank One began facing problems, most of which were attributed to its credit card division, First USA. According to Mayo, "Bank One has weakened significantly over the past several months, primarily because of bad news at First USA - and we think there could be more bad news to come. In our opinion, management credibility - at a low before the latest earnings guidance - has sunk even further, and we think credibility cannot be restored in the near term."...

Dimon Comes to Bank One

On March 27, 2000, Dimon was hired as the CEO of Bank One. According to John Hall, director, Bank One, "Jamie's fresh perspective and his ability to galvanize employees also set him apart from an exceptional field of candidates from around the country." However, a few analysts remained skeptical about Dimon being shortlisted as the finest candidate. "Mr. Dimon has limited commercial banking experience, still 27% of earnings and an area at Bank One with undifferentiated competitive positioning. He also has less experience with large credit card operations since Travelers had a small presence...

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