1998
Jamie Dimon says that in 1998 Sandy Weill and John Reed asked him, then Citigroup's president and chief operating officer, to resign.
“And the third is they said, we want you to resign. And I said, okay.”
Topic
Jamie Dimon
29 facts from 3 episodes, in date order. These are what speakers said on the shows, each linked to the moment it was said. They aren't independently verified.
2000
Ben Gilbert asked whether Jamie Dimon bought $60 million of Bank One stock before taking the CEO job, and Dimon confirmed he did.
“Did we do the math right, that right before you joined Bank One, you bought $60 million of stock?”
2000
Jamie Dimon says Bank One's board had 21 directors, drawn from several earlier acquisitions, and that 11 of them disliked the other 10.
“I met six of the directors. I, there were 21 directors. 11 hated the other 10.”
2000
Jamie Dimon says he found that Bank One carried more US corporate credit risk than Citibank, while accounting for it very aggressively.
“I quickly realized that Bank One had more U.S. corporate credit risk than Citibank did.”
2000
After joining Bank One, Jamie Dimon reviewed every loan, marked them down, added reserves and told the board.
“I went through every single loan in the books. I marked them all down, put up more reserves, told the board about it”
2004
Jamie Dimon says the merger agreement made him CEO after 18 months unless 75% of the board voted otherwise.
“to not have me become CEO 18 months later, 75% of the board would have to vote me out.”
2004
Jamie Dimon says that at the 2004 JPMorgan–Bank One merger he had a book called 'how we do business', and then-chairman Bill Harrison told him to send it out.
“When we first did the J P Morgan Bank one merger in 2004, I had a book, how we do business, and Bill Harrison, who was the chairman of the time, said, you've got to send it out.”
2006
Jamie Dimon says he began stockpiling liquidity at JPMorgan Chase in 2006 because he was worried about market conditions.
“So in 2006, I started to stockpile liquidity and, you know, looking at the situation, I was quite worried.”
2006
Jamie Dimon says rival investment banks used multi-year side deals for senior bankers, and that he eliminated almost all of them at JPMorgan.
“all of these investment banks were doing side deals, private deals, three-year deals, five-year deals. I got rid of almost all of them.”
2007
Jamie Dimon says the big investment banks' leverage rose from about 12 times to about 35 times before the financial crisis.
“particularly the banks, the big investment banks, went from 12 times leverage to 35 times leverage.”
2007
Jamie Dimon says Wall Street's bridge loan book was about $450 billion in 2007 versus about $40 billion today.
“Like, in 07, the bridge book of Wall Street was $450 billion. Today, it's $40 billion.”
2008
Jamie Dimon says Bear Stearns CEO Alan Schwartz called him in March 2008 asking for $30 billion before Asian markets opened.
“Jamie, I need $30 billion tonight before Asia opens.”
2008
Jamie Dimon says the government made JPMorgan pay $5 billion over bad mortgages originated by Bear Stearns and WaMu.
“we bailed a lot of people out, they made us pay $5 billion on the bad mortgages”
2008
Dimon says WaMu had about 2,300 branches in healthy states such as California, but also large mortgage problems.
“And they had, you know, 2,300 branches. They were, and they had huge mortgage problems.”
2008
Jamie Dimon says home prices falling 40%, as happened in the great financial crisis, was a scenario his bank never anticipated.
“home prices being down 40%. That was just not on the list.”
2023
Jamie Dimon says Silicon Valley Bank, which had about $200 billion in deposits, lost around $100 billion in one day in 2023 after venture capital firms told clients to withdraw.
“And Silicon Valley Bank, I think they had 200 billion in deposits, 200 billion, 100 billion in one day.”
2023
Dimon says Silicon Valley Bank's interest-rate losses were hidden by held-to-maturity accounting, which lets banks avoid marking securities to market.
“And the interest rate exposure was hidden by accounting. It was called held to maturity where you don't have to mark even treasuries to market.”
2025
Jamie Dimon says JPMorgan spends about $800 million a year on cybersecurity.
“We spend $800 million a year or something on it.”
2026
Jamie Dimon says the leveraged-loan, high-yield bond and bank syndicated leveraged-lending markets are each about $1.7 trillion, a scale he uses to argue private credit is not systemic.
“it's at 1.7 trillion of leveraged loans, high yield bonds are 1.7 trillion, bank syndicated leverage lending is 1.7 trillion.”
2026
Jamie Dimon says the investment-grade debt market and the mortgage market are each about $13 trillion.
“Investment grade is 13 trillion, mortgages, which is mostly high investment grade or more, is 13 trillion”
2026
Jamie Dimon says the United States has had inflation above 2% for five years.
“we've had over 2% inflation in the United States for five years now.”
2026
Jamie Dimon says the United States has sixty military allies and partners, and even more economic allies and partners.
“America has sixty military allies and partners, and more than that economic allies and partners.”
2026
Jamie Dimon says JPMorgan has been using AI for thirteen years and has thousands of people working on it.
“We already we've been doing it for thirteen years. We've got thousands of people deployed in it.”
Undated
The Acquired Radio City special includes a conversation with Jamie Dimon.
“In addition to our conversation with Jamie Dimon, this video special also has the CEO of The New York Times”
Undated
Jamie Dimon says that when he arrived at JPMorgan its risk measurement assumed a 10% stock market fall, 3% G10 currency moves and credit spreads widening by 40%, and he pushed for much more severe scenarios.
“the risk measurement was the market going down 10%, stock market, FX currencies, moving 3%, the G ten, and credit spreads gapping out by 40%.”
Undated
Jamie Dimon says Mario Draghi's report listed 300 recommendations for Europe, of which only seven or eight have been implemented.
“Draghi, Mario Draghi, who I have enormous respect for, wrote the Draghi report. He listed them all 300 recommendations, of which they've done seven or eight, okay, and they're needed.”
Undated
Jamie Dimon says the executive who runs AI at JPMorgan previously ran the bank's prime services business for years.
“The woman running AI ran prime services for us for years.”
Undated
Jamie Dimon says David Novak, when lead director of the JPMorgan board, would send him handwritten coaching notes after board meetings held without him.
“or David Novak, when he was lead director, he would give me a a handwritten note.”
Undated
Jamie Dimon predicts that with rising productivity people in the developed world will eventually work about three and a half days a week.
“sometime down the road, with the more productivity and stuff like that, human beings, developed world will probably be working three and a half days a week.”
Episodes