EXCLUSIVE: Dimon Talks Politics, Regulation and His Legacy at JPMorgan
After Jamie Dimon was ousted at Citigroup (NYSE:C) back in 1998, people treated him like a “leper”, he tells the FOX Business Network in a wide ranging, exclusive interview.
But it wasn’t long before the man who fired him, former CEO Sandy Weill, was calling Dimon on the telephone to complain about how he was poaching former Citigroup executives as he slowly but surely built what is now the nation’s largest and most profitable bank, JPMorgan Chase (NYSE:JPM).
Citigroup, of course, would become one of the world’s most troubled banks following Dimon’s departure, mired in scandal and heavy risk taking that forced the federal government to infuse hundreds of billions of dollars in direct and indirect aid to prevent the bank’s collapse during the 2008 financial crisis.
Dimon, meanwhile, would steer JPMorgan clear of much of the risk taking that doomed his old firm and other large banks, and emerge as the most successful banker of his generation.
Today, he discusses with the FOX Business Network the state of the banking industry, the impact of new global banking regulations on both the financial industry and the economy, his disagreement with the Obama Administration and how taking up boxing when he was out of work helped him re-tool his career.
Dimon, 55, also discusses life after JPMorgan, and how long he plans to stay with the firm.
Here’s a hint: If he has his way, he isn’t going anywhere anytime soon.