Before becoming one of the most powerful bankers in the world, with a personal fortune of around $ 2.9 billion, he was just the child of a Greek -American family from Queens.
His father, Theodore Dimon, and his mother, Themis Good, but mainly his grandfather, in whom he was very weak, was the model of the Greek immigrant, who is established in his new homeland through his hard work, education.
Unlike most stories of Greek immigrants of that time, the Daimon family did not start in the United States from scratch.
Jamie Dimon, head of JPMorgan & Chase.
His grandfather, a banker in Smyrna and later in Athens, brought with him the experience and knowledge of the world of finances.
However, even with this background, no one could predict that the grandson of that Greek banker from Smyrna would lead to the largest bank of the United States.
This is what Jamie Dimon’s own words are attempted in an interview that talked about his grandfather: “When I got my first big job I went to my grandfather and said,” Grandpa, you have to be proud. The grandson of a Greek immigrant arrived here. ” I remember his smile, his emotion. “
In the same interview he was more mentioned in his Greek roots, saying: “My mother comes from a village outside Sparta. I went there a few years ago – my parents had gone out of life. I had the opportunity to travel with them to our village, St. Peter. “
Grandfather’s classic “American dream”
Despite his grandfather’s experience as a banker, when he settled in New York, he went “without a dime” as Daimon has described.
His last name was Papadimitriou, but he changed it to be simpler and prosperous to the Americans and also not to stand out from the other names.
At first he worked as a waiter assistant, but eventually managed to find a job in the Atlantic Bank of New York, which was then a subsidiary of the National Bank of Greece in the US.
There, he slowly arrived to become Vice President, but later left the bank to work as a broker on Shearson, Hammill & Co, because, as Daimon has said, “he could thus earn more. He was smart and loved the shares. “
In Shearson, one of the important brokerage companies of the time, he paved the way for his son.
Jamie Dimon’s father had to be “bribed” initially to pursue the finances since his life was to become a violinist. However, he succumbed to the pressures and arrived to become a member of the company himself.
Thanks to the two model men, little Jamie grew up listening to daily discussions about the market, fluctuations, strategies, etc.
But more than these practical knowledge, he thanks his family for the moral values and the right habits that have mainly passed him on with their example and attitude towards life.
From left: Goldman Sachs Group, JPMorgan Chase, John Mac (Morgan Stanley) and Bank of America swear before their deposits before the Financial Crisis Research Committee Fcic). Reuters/Jason Reed
“My grandfather was an exciting person,” he said. “He spoke six languages, he was walking every day, he was reading endlessly.” He believes that from him he inherited curiosity, discipline and a deep faith in the value of education.
Along with spirituality, the mighty man has talked about the moral values of the family: “My grandfather was deeply moral, my parents firmly believed in right and law. If I were to say unjustly to someone, they were very angry, they always defended those who were wronged. “
This attitude made him consider that emotional intelligence is just as important as mental. “This was the lesson I got,” he says. “My grandfather was a wonderful man.”
The first steps to success
Following, almost fatal, the footsteps of his father and grandfather, Jamie Dimon was found to study psychology and economics at Tufts University. The combination of these two sciences would later become decisive for how it would deal with the world of money.
He graduated with excellently and continued at Harvard Business School, where he was academically distinguished and graduated from the top of his class.
The big investor Charles Swab (left) and young Jamie Dimon.
There he even met his later wife, Judith Kent, with whom he married in 1983 and had three daughters.
In his first steps, he worked at the Boston Consulting Group, but his real career began when he met the man who would set his career: Sandy Weyle.
It was he who persuaded him to reject tempting suggestions from Goldman Sachs and Morgan Stanley and work with him at the American Express. Believe in his instinct and followed his mentor.
In 1985, the two abandoned the American Express and founded the Travelers Group, a financial empire that expanded and transformed over the years, until its merger with Citigroup in 1998.
Dimon, then president and CEO, lived his first big conflict. Wyle, seeing his young partner stand out, did not want to share the top. “He wanted to become a CEO, and I didn’t want to leave,” Wyle himself later said.
So Dimon was removed from the company that helped to build, but did not stay out of the game for long.
In 2000 he took over the administration of Bank One, one of the largest banks in Middle Army. Within a few years she managed to resurrect her, leading her to an impressive recovery.
In 2004, JPMorgan Chase acquired Bank One and Dimon took over the steering wheel of the new, unified bank.
During the global financial crisis of 2008, JPMorgan under his leadership stood up, as opposed to many of her collapsing competitors.
Today, Jamie Dimon is considered one of the most influential people in the world banking. However, despite the power and sizes he manages, he says: “The family comes first, homeland second and Jpmorgan literally last.”
The “hero” of the global economic crisis
The 2008 crisis has been the big test for all its leaders including Jamie Dimon.
While banks around it collapsed, JPMorgan Chase not only endured, but reinforced her position, acquiring Bear Stearns and later Washington Mutual in chaos.
For many, it was then that Dimon became a symbol of stability for the US business world. He, however, never accepted the title of “hero” of the crisis. “You should never believe that you are as smart as they think when everything goes well, not as stupid as they say when they go wrong,” he said.
Jamie Dimon in a sketch of Efi Xenos.
In the following years, he developed his reputation as one of the latest “traditional bankers”. He wakes up at five in the morning, reads his newspapers for two hours, goes to his office early and insists on knowing those who work near him personally.
Although he has been pressured to politicize -there are publications that want him to even care about the US presidency -he himself rejects the idea. “I’m not a politician,” he says. “But I believe that businesses have an obligation to serve society, not just shareholders.” This position has often brought him to the forefront of public debate on the role of banks in society.
Jamie Dimon’s influential presence
Today, he remains the head of the JPMorgan Chase, with an influence that extends beyond the banks world and each of his conversations becomes headlines, podcasts and analyzing emissions, but mostly markets.
Like the recent example when it warned that the United States has been excessively dependent on external suppliers for critical materials and technologies that support their economy and national security.
He emphasized the need for immediate action, calling for reforms that will limit bureaucracy, upgrade education and support strategic investment. “The security of the country depends on the power and durability of America’s economy,” he said.
His intervention comes in a period of tension for the US economy, following the revival of Donald Trump’s “America First” policy, which has influenced trade, duties and industry. Recent duties and trade disputes with China have stepped up concerns about global financial stability.
But there is a not -so -positive reason that he brings him to the forefront of the New York Times newspaper revealed that JP Morgan & Chase, for years, was leaving and gaining profit from Jeffrey Esteain’s illegal activities by making their eyes off and wrong.
Dimon has said he had not even known the infamous criminal. And then there is a continuation …
Sources forbes, Business Insider, Wikipedia, Guardian, CNBC, Aqua-Capital, VIMA, In.gr, Greekcitytimes
