Business Case Studies, Leadership Case Study, Tata Group,Ratan Tata

Code :LDS0019K

Year : 2006

Industry :Banking, Insurance and Financial Services

Region : US

Teaching Note:Not Available

Structured Assignment :Not Available

Abstract: On January 1, 2006, James ‘Jamie’ Dimon took over as CEO of JP Morgan Chase. Dimon had been the CEO of Bank One Corporation before it merged with JP Morgan Chase in July 2004. He had been the protégé of Sandy Weill, the ex-Citigroup CEO, but the two fell apart amidst tensions of the series of mergers and integrations that went in creating the current Citigroup. The job ahead for Dimon was again one of integration. JP Morgan, the second largest US financial services company by assets, was a loosely integrated body of various acquired financial companies. But despite its size, growth and profitability had been subdued. With an overpaid staff and an underperforming stock, JP Morgan was gravely in need of a shake-up. Dimon had prescribed his medicine right at the onset of his stint at JP Morgan — keep costs flat and raise revenues. He had already started implementing some of the changes in the last few months, but the turnaround was taking more time than he had predicted. Expectation of Wall Street was mounting, and he needed to deliver results soon. The question was, given the scale and culture of the company, would Jamie be able to administer the pill at JP Morgan? The case deals with his ‘no-frills’ management style and investigates whether that would fit into the JP Morgan work culture and translate into topline and bottomline growth