Jamie Dimon net worth
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What is Jamie Dimon’s Net Worth and Salary?
Jamie Dimon is an American billionaire investment banker and CEO with a net worth of $2 billion. Jamie Dimon is currently the CEO and chairman of JPMorgan Chase & Co, the largest U.S. bank, from which he gained his net worth. Time Magazine named Jamie one of the 100 most influential people in the world in 2006, 2008, 2009 and 2011.
In addition, he is a board member of the Federal Reserve Bank of New York. Notably, Dimon is one of the few bank CEOs to become a billionaire without becoming a bank founder. He is one of the few people in history to go from a non-founding employee to a billionaire.
Early life and career
James Dimon was born in 1956 in New York City to Greek immigrants Themis and Theodore. He has an older brother named Peter and a fraternal twin brother named Ted. Dimon’s father and grandfather were both Hillson stockbrokers. As a youth, Dimon attended the all-boys Browning School. He went on to attend Tufts University, where he studied economics and psychology, graduating cum laude. After graduation, Dimon worked in management consulting for a few years before attending Harvard Business School. During the summer, he worked at Goldman Sachs. Dimon received his MBA in 1982. He then turned down offers from Morgan Stanley, Goldman Sachs and Lehman Brothers, on the advice of banker Sandy Weir, to join Weir as an assistant at American Express, where Dimon’s father had served as an executive deputy President. .
When Will left American Express in 1985, Dimon followed. Together, the two took over consumer finance company Commercial Credit. At Commercial Credit, Dimon served as CFO, helping turn the company around. Then, through a series of mergers and acquisitions, Dimon and Will successfully formed the financial services group Citigroup in 1998. Dimon left Citigroup shortly after, when Will demanded his resignation.
After leaving the company, Jamie sold 2.3 million shares of Citigroup for a pre-tax profit of $110 million.
JPMorgan
In early 2000, Dimon became the CEO of Bank One, the fifth largest bank in the United States at the time. Four years later, when JPMorgan bought the bank, Dimon became the company’s president and chief operating officer. Then, on New Year’s Eve 2005, he was named CEO of JPMorgan. Exactly a year later, he became chairman and president. Thanks in part to acquisitions led by Dimon, JPMorgan has become the leading U.S. bank in terms of domestic asset market capitalization, management and the value of publicly traded stocks.
In May 2012, JPMorgan Chase held an emergency conference call to report trading losses of at least $2 billion. Dimon claimed the transactions were poorly scrutinized and executed and were designed to hedge the bank’s credit risk. After a nine-month investigation, a U.S. Senate report said Dimon misled investors and regulators, and the bank hid losses and evaded oversight. As a result, Dimon’s salary was reduced in fiscal 2011. Despite the scandal and fines, it was announced that Dimon would make $20 million for his work in 2013, with both profits and stock prices hitting record highs.
TARP transfer
As head of JPMorgan in 2008, Dimon oversaw the transfer of $25 billion from the U.S. Treasury to banks under the Troubled Asset Relief Program. This is the fifth-largest amount transferred under TARP Part A to assist with troubled assets related to residential mortgages. However, by early 2009, the government had not continued to provide funding. The deal was highly controversial because JPMorgan, one of the most economically stable of all the major U.S. banks, was not required to accept the funds.
(Photo by Mark Wilson/Getty Images)
Wages and Compensation
In a typical year, Jamie’s base salary is $27.5 million. Add in other forms of compensation such as bonuses, stock options, private jet use, and personal security, and Jamie’s total annual compensation typically tops $30-40 million.
In June 2015, Jamie Dimon’s net worth surpassed $1 billion for the first time.During her tenure at JPMorgan, Jamie received approximately $120 million In terms of wages and dividends. He also received generous stock awards. Jamie owned 6.1 million JPMorgan shares, worth $793 million at the time, according to a company filing at the time. Jamie also has additional exercisable options worth $80 million for a total value of $873 million. At the bottom of the 2008 financial crisis, his assets were worth just under $100 million.
In addition to his stock investments, he owns $300 million to $40 million worth of real estate, including a Park Avenue condo and a 30-acre property in Bedford Corner, New York.
According to Bloomberg, Jamie’s non-JPMorgan-related financial assets are now worth slightly more than $500 million.
political backgroung
Dimon is primarily affiliated with the Democratic Party, to which he often donates. He has close ties to some members of the Obama administration, including former chief of staff Rahm Emanuel. Additionally, he was named by The Associated Press as one of three chief executives who approached former Treasury Secretary Timothy Geithner along with Vikram Pandit and Lloyd Blankfein.
Despite his Democratic leanings, Dimon has often spoken out against some of Obama’s policies. Additionally, in December 2016, he participated in a business forum organized by Donald Trump to provide policy advice on economic issues.
Personal life and health
While attending Harvard Business School, Dimon met Judith Kent. After graduation, the couple married in 1983. They have three daughters together: Julia, Laura and Kara Leigh.
In 2014, Dimon was diagnosed with throat cancer; he subsequently underwent eight weeks of radiation and chemotherapy. Later, in 2020, he underwent emergency heart surgery to repair a torn aorta. After recovery, he returned to remote work due to the COVID-19 pandemic.
honor
In his honor, Dimon received the American Academy of Achievement Gold Plate Award in 2006 from Chicago Mayor Richard M. Daly. In 2010, Dimon was named the Chicago Executive Club’s International Executive of the Year. Other honors include the National Institute of Corporate Directors Director 100, the Fearless Salute Award and the Americas Society Gold Award. Additionally, Dimon was named to Time magazine’s list of the 100 most influential people in the world in 2006, 2008, 2009 and 2011.
