Jamie Dimon: The Turnaround Specialist


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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.

Case Details:

Price:

Case Code : LDEN060 For delivery in electronic format: Rs. 400;
For delivery through courier (within India): Rs. 400 + Rs. 25 for Shipping & Handling Charges

Themes

Leadership / Management Style / Turn around strategy

Case Length : 28 Pages
Period : 2000-2009
Pub Date : 2009
Teaching Note : Not Available
Organization : JPMorgan Chase & Co.
Industry : Financial Services & Banking
Countries : USA

Abstract:

This case discusses about the managerial and leadership qualities of Jamie Dimon (Dimon), CEO of US-based banking major, JPMorgan Chase & Co. (JPMorgan Chase). Dimon was credited in the financial services industry for turning around several beleaguered companies including Baltimore-based consumer lending company, Commercial Credit Corp., Chicago-based retail banking and credit card major Bank One Corporation (Bank One). He was also accredited with steering JPMorgan Chase through turbulent times in the financial services industry. Analysts attributed Dimon for his inspirational leadership style and his comprehensive turnaround plan that led to the spectacular turnaround of JPMorgan Chase.

Moreover, his decision to exit the then booming subprime mortgages business that helped JPMorgan Chase trudge through the financial downturn, while its competitors like Merrill Lynch Co. & Inc., UBS AG, and Goldman Sachs & Co. suffered damages due to the credit crunch, also caught the attention of the analysts.

Sensing an opportunity in the prevailing adversity, Dimon went ahead with JPMorgan Chase's acquisition of Bear Stearns Companies Inc. (Bear Stearns), in March 2008. While a few analysts felt that it was logical for Dimon to acquire Bear Stearns since it would enhance JPMorgan's existing business portfolio, others felt that his decision could prove expensive if the US economy weakened further.

Issues:

Understand the issues and challenges in turning around a company.

Evaluate the strategies adopted by Dimon in turning around Bank One and JPMorgan Chase.

Understand how Dimon steered JPMorgan Chase through turbulent times in the financial services industry.

Examine the rationale behind the acquisition of Bear Stearns by JPMorgan Chase.

Gain an insight into the leadership qualities of Dimon.

Contents:

  Page No.
Introduction 1
His Early Years 2
Turnaround of Bank One 4
JPMorgan Chase Acquires Bank One 6
Turnaround of JPMorgan Chase 9
Handling Subprime Crisis 12
Acquisition of Bear Stearns 14
The Challenges 15
Management and Leadership Style 16
The Road Ahead 18
Exhibits 19

Keywords:

Leadership, Management style, Turnaround strategy, Financial services industry, Acquisition, subprime mortgage crisis, economic slowdown, restructuring, investment banking, housing mortgage market, Merger, proprietary trading, consumer banking, Commercial banking, Retail financial services, financial services industry, JPMorgan Chase, Bank One, Bear Stearns

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