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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Introduction Contd...

Dimon had become well known in the financial services scenario during the late 1980s, for turning around Baltimore-based consumer lending company, Commercial Credit Corp. (Commercial Credit) with Sandy Weill (Weill), a successful entrepreneur in the financial services industry. In view of his impressive record of turning around beleaguered companies, he was appointed as Chairman and CEO of Bank One in March 2000 to resurrect the ailing bank.

When Dimon landed at Bank One, he noted that the bank had serious problems. He observed that it had a string of mergers that were not integrated with its existing lines of business.

There was uncontrolled overhead spending coupled with weak loan quality and low employee morale. Moreover, a major chunk of the bank's problems came from First USA Inc. (First USA), the credit card division of the bank, that was characterized by poor customer service and high rates of interest.

Dimon also discovered that the accounting and information technology (IT) systems had become outdated and required enhancement to improve accountability, manage profitability, and upgrade the service levels at the bank.

Having identified the problems, Dimon chalked out a plan to turnaround the company in 2000. His plan included a straightforward strategy of slashing costs, tightening the standards of lending, and cutting down the number of bank branches.

He also aimed to consolidate the IT systems into a single platform to ensure consistency across all its branches...

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