What Is Jamie Dimon Net Worth? James Dimon is an American businessman and banker born on March 13, 1956. Since 2005, he has been the chairman and chief executive officer of JPMorgan Chase, the largest of the four central American banks.
Dimon was on the Federal Reserve Bank of New York board before he left his job. Time magazine has named Tim Dimon four times as one of the 100 most powerful people in the world (in 2006, 2008, 2009, and 2011).
Dimon is one of the few bank CEOs to become a billionaire because he put $485 million into JPMorgan Chase. In fiscal 2011, he made $23 million, which was more than any other CEO of a bank in the U.S. After a string of trading losses totaling $6 billion that caused a lot of trouble, JPMorgan Chase cut its pay to $11.5 million in 2012. Dimon made $29.5 million in the 2017 fiscal year.
What Is Jamie Dimon Net Worth?
Jamie Dimon is an American billionaire investment banker and CEO with a net worth of $2 billion. Jamie Dimon has a lot of money because he is the CEO and chairman of JPMorgan Chase & Co, the largest bank in the United States. In 2006, 2008, 2009, and 2011, Time magazine named Jamie one of the 100 most influential people in the world.
He was also a member of the Federal Reserve Bank of New York’s board of directors. Dimon is one of only a few bank CEOs who became a billionaire without being one of the bank’s founders. He is one of the few people in history to go from working for a company that he didn’t start to becoming a billionaire.
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Jamie Dimon’s Early Life And The Starting Of Career
James Dimon was born in New York City, New York, in 1956. His parents, Themis and Theodore, were Greek immigrants. He has a brother named Peter who is older and a twin brother named Ted who is the same age as him. Both of Dimon’s parents worked at Shearson as stockbrokers. Dimon went to the Browning School when he was young. It was only for boys. He studied economics and psychology at Tufts University, where he graduated with honors. Dimon worked as a management consultant for a couple of years after he graduated from college. Then he went to Harvard Business School. He worked at Goldman Sachs over the summer. Dimon got his MBA in the year 1982. Then, on the advice of banker Sandy Weill, he turned down offers from Morgan Stanley, Goldman Sachs, and Lehman Brothers to work as an assistant for Weill at American Express, where Dimon’s father was an executive vice president.
In 1985, when Weill left American Express, Dimon did too. Together, they went on to take over Commercial Credit, a company that helps people get loans. Dimon was the chief financial officer at Commercial Credit and helped turn the company around. Then, through mergers and purchases, Dimon and Weill put together Citigroup, a large financial services company, in 1998. Soon after, Weill asked Dimon to leave Citigroup, so he did.
When Jamie left his job, he sold 2.3 million Citigroup shares for a profit of $110 million before taxes.
J.P. Morgan
At the beginning of 2000, Dimon became CEO of Bank One, which at the time was the fifth-largest bank in the United States. When JPMorgan Chase bought the bank four years later, Dimon became the company’s president and chief operating officer. After that, on the last day of 2005 (New Year’s Eve), he was named CEO of JPMorgan Chase. He became chairman and president of the company exactly one year later. Because of the acquisitions made while Dimon was in charge, JPMorgan Chase became the largest US bank in terms of market capitalization, management, and the value of its publicly traded stock.
In May 2012, JPMorgan Chase held an emergency conference call to say that trades had cost them at least $2 billion. Dimon said that the trades were not well reviewed or carried out and were meant to protect the bank from credit risks. After a nine-month investigation, a report from the US Senate said Dimon had lied to investors and regulators and that the bank had hidden losses and avoided oversight. Because of this, Dimon’s pay was cut for the 2011 fiscal year. Even though there was a scandal and Dimon had to pay fines, it was said that he would still make $20 million for his work in 2013, a year with record profits and stock prices.
TARP Payment
In 2008, when Dimon was in charge of JPMorgan Chase, the US Treasury Department sent $25 billion to the bank as part of the Troubled Asset Relief Program. Dimon was in charge of the transfer. It was the fifth largest amount ever sent through Section A of the Troubled Asset Relief Program (TARP) to help with troubled assets related to home mortgages. But by early 2009, the government hadn’t done anything about the money. The deal was very controversial because JPMorgan Chase was one of the largest US banks with the most stable finances and didn’t need the money.
Jamie Dimon’s Salary
Jamie gets a base salary of $27.5 million every year. Jamie’s annual pay usually tops $30–40 million, thanks to bonuses, stock options, use of a private jet, and personal security, among other things.
Jamie Dimon’s net worth went over $1 billion for the first time in June 2015. Jamie has made about $120 million from his salary and dividends during his time at JP Morgan. He has also been given a lot of stock as a gift. At the time, Jamie owned 6.1 million shares of JP Morgan, which were worth $793 million, according to a company filing. Jamie also has options that can be used that are worth an extra $80 million, giving him a total of $873 million. At the worst point of the 2008 financial crisis, when his holdings were worth just under $100 million, he lost almost all of them.
Aside from stocks, he owns real estate worth $30–$40 million, including an apartment on Park Avenue and a 30-acre property in Bedford Corners, New York.
Bloomberg says Jamie’s financial assets unrelated to JP Morgan are worth just over $500 million.
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Political Affiliations
Dimon is mainly connected to the Democratic Party because he gives a lot of money to that party. Some people in the Obama administration, like Rahm Emanuel, who used to be Chief of Staff, were close to him. The Associated Press also named him as one of three CEOs with access to former Treasury Secretary Timothy Geithner. The other two were Vikram Pandit and Lloyd Blankfein.
Even though Dimon was a Democrat, he often spoke out against some of Obama’s policies. Also, in December 2016, he joined a group of business leaders put together by Donald Trump to talk about economic policy.
Jamie Dimon’s Personal Life And Health
Dimon met Judith Kent when he was at Harvard Business School. After they both got their degrees, they got married in 1983. They have three daughters together. Their names are Julia, Laura, and Kara Leigh.
In 2014, Dimon was told he had throat cancer. He then went through eight weeks of chemotherapy and radiation. In 2020, he had emergency surgery on his heart to fix a tear in his aorta. Due to the COVID pandemic, he returned to work in a remote position after getting better.
Jamie Dimon’s Honors
In 2006, Richard M. Daley, mayor of Chicago then, gave Dimon the Golden Plate Award from the American Academy of Achievement. In 2010, Dimon was named the International Executive of the Year by the Executives’ Club of Chicago. The National Association of Corporate Directors gave him the Directorship 100 award, the Intrepid Salute Award, and the Americas Society Gold Medal, among other honors. Dimon was also named one of the 100 most influential people in the world by Time magazine in 2006, 2008, 2009, and 2011.
Final Lines
Jamie Dimon is an American billionaire investment banker and CEO with a net worth of $2 billion.
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FAQs
How Did Jamie Dimon get so rich?
Dimon is one of the few bank CEOs to become a billionaire. His $485 million stake in JPMorgan Chase is a big reason for this.
How much does Jamie Dimon make each year?
JPMorgan Chase & Co. raised CEO Jamie Dimon’s pay by 10%, to $34.5 million, for his work in 2021, which was the most profitable year in the company’s history.
Why does Jamie Dimon have so much power?
He is in charge of the biggest bank in the world if you don’t count the secretive Chinese firms. At the end of last year, the bank’s total assets were $3.74 trillion, with $1 trillion in loans and $2.46 trillion in deposits. Because he is in a special position, his words carry more weight in all the places where power is held.
Did Jamie Dimon get his bonus?
On Tuesday, the bank’s shareholders voted against giving Dimon a retention bonus of $52.6 million in stock.