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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Please note:

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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Turnaround of Bank One

After having evaluated the operations of Bank One and interaction with the employees, Dimon initiated a US$ 1.9 billion restructuring plan. With this restructuring initiative, Dimon aimed to sort out issues related to the unprofitable credit card division, phasing out unnecessary Internet investments, incompatibilities related to information systems, etc.

He also sought to stem the losses faced by the company and fortify its balance sheet. Besides, Dimon planned to cut costs of around US$ 500 million in a bid to revive the company's stock...

The Results

Dimon's efforts in turning around Bank One were appreciated by many analysts. By the end of 2002, the company's stock value had increased by over 30 percent compared to when Dimon had joined the company. Analysts expected Bank One to earn US$ 3 billion revenues in 2001...

Looking Ahead

In 2003, Bank One's success story under the able leadership of Dimon continued. For the year-ended 2003, Bank One reported earnings of US$ 3.5 billion compared to US$ 511 million losses of 2000 (Refer to Exhibit II for the financial highlights of Bank One)...

Exhibits

Exhibit I: Background Note on Bank One

Exhibit II: Financial Highlights of Bank One


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