June 13th, 2012
11:07 AM ET

Who is JPMorgan CEO Jamie Dimon?

The CEO of JP Morgan Chase & Co., James Dimon, is testifying before the Senate Banking, Housing and Urban Affairs Committee on Wednesday after a $2 billion trading loss in early May.

He told Congress that the massive loss can be blamed on traders misunderstanding the bets they placed and insufficient risk controls, according to CNN Money.

Dimon, who is also chairman of the nation's largest bank, was invited to speak before the committee in May. The hearings are investigating the loss from a regulatory angle. JP Morgan made its multibillion-dollar blunder due to "negative carry trades," according to CNN Money.

The hefty trading loss led to the departure of JP Morgan's chief investment officer and forced Dimon to apologize for the "terrible mistake." Days later, he spoke to shareholders at the company's annual meeting and had his $23 million pay package approved - the same shareholders who have seen the company's stock decline by more than 14% over the previous five trading sessions.

Ironically, the shareholders used this kind of meeting regularly after the 2008 financial crisis to push reform agendas because of increased scrutiny directed at the nation's largest banks. Yet, after the loss, shareholders still approved Dimon's $23 million in compensation as chairman.

The FBI said May 16 that it was opening a preliminary investigation into the loss.

In 2010, Dimon was referred to as "America's least-hated banker" in a New York Times article. So what happened?

Here's a look at Jamie Dimon and the timeline leading up to his testimony in Congress.

Who is Jamie Dimon?

-Born: March 13, 1956; New York

-Parents: Theodore, a stockbroker, and Themis Dimon

-Sibling: A twin brother, Theodore "Teddy"

-Spouse: Judith "Judy" Kent Dimon (May 1983-present)

-Children: Julia, Laura and Kara Leigh

-Education: Tufts University, B.A. 1978

Harvard University, M.B.A. 1982

Timeline:

-1982-85: Assistant to President Sandy Weill at American Express.

-1996-97: Chairman and CEO of Smith Barney.

-1997-98: Co-chairman and co-CEO of Salomon Smith Barney Holdings.

-1998: President of Citigroup. Dimon is forced out of the company after a falling-out with longtime mentor Weill.

-2000-04: Chairman and CEO of Bank One Corporation.

-2004: Becomes president and chief operating officer of JPMorgan Chase & Co. when it merges with Bank One Corporation.

-December 31, 2005: Assumes title of chief executive officer and president at JPMorgan Chase & Co., effective January 1, 2006.

-December 31, 2006: Named chairman of the board at JPMorgan Chase & Co, effective January 1, 2007.

-May 10, 2012: On a conference call, reveals that a trading portfolio that was designed to help JPMorgan Chase hedge its credit risk lost $2 billion and could lose $1 billion more.

-May 15, 2012: Apologizes to JPMorgan & Chase shareholders at the annual meeting. Shareholders approve Dimon's $23 million pay package, and preliminary results show that only 40% support a proposal that calls for the appointment of an independent chairman.

-May 17, 2012: Senate Banking Committee announces that Dimon has been invited to appear before the committee at hearings looking into the JP Morgan trading losses from a regulatory angle.

Follow the story as it unfolds:

Dimon: 'I can't publicly defend the trade'

Live blog: Dimon in the hot seat

soundoff (45 Responses)
  1. Mr Dalloway

    He's just a wealthy fool that's all.

    June 13, 2012 at 11:14 am | Report abuse |
    • Bill

      If he is a fool, I want a part of his fool's money.

      June 13, 2012 at 12:09 pm | Report abuse |
    • fred37ify

      Looks like Jamie Dimon is using Jon Corzines playbook ! Barack gave Corzine a pass. No doubt Dimon will get one too !

      June 13, 2012 at 12:59 pm | Report abuse |
  2. carlyjanew6

    http://www.Hear-The-Truth.com

    June 13, 2012 at 12:12 pm | Report abuse |
  3. Bill

    Another Harvard grad screwing the American people.

    June 13, 2012 at 12:16 pm | Report abuse |
  4. joesmith

    too hot for you cnn??

    June 13, 2012 at 12:21 pm | Report abuse |
  5. joesmith

    he and corzine, who stole $1.3 billion of your hard earned money, need to meet the fellows who visited the d.c. madam for the very last time..

    June 13, 2012 at 12:23 pm | Report abuse |
  6. fred37ify

    So do any of you want to bet he gets a multi-million dollar bonus this year ! Compliments of Barack and US taxpayers !

    June 13, 2012 at 1:02 pm | Report abuse |
  7. phneutral

    On one end you have the U.S. senators trying to get re-elected rather than make good decisions and those in our society that make ignorant comments about what they don't understand. These are the problems. On the other you have those like Mr. Dimon trying to improve our overall condition. This is part of the solution.

    June 13, 2012 at 1:04 pm | Report abuse |
  8. Andrew

    Jamie Dimon is the smoking gun.

    June 13, 2012 at 1:06 pm | Report abuse |
  9. bobcat (in a hat)©,

    The Walton's invited their new neighbors over to dinner. During dinner Mr.Walton was asked what he did for a living.

    Eight year old Brian Walton jumped in and said, "Daddy is a fisherman!" To which Mrs.Walton replied,

    "Brian, why do say that. Your daddy is a stockbroker, not a fisherman."

    "No mom. Every time we visit dad at work and he hangs up the phone he laughs, rubs his hands together

    and says 'I just caught another fish'."

    June 13, 2012 at 1:06 pm | Report abuse |
  10. comingsoon

    a shyster. look it up.

    June 13, 2012 at 1:10 pm | Report abuse |
  11. bobcat (in a hat)©,

    As he got out, a truck passed too close and tore off the door on the driver's side.

    The stockbroker immediately grabbed his cell phone, dialed 911, and within minutes a policeman pulled up.

    Before the officer had a chance to ask any questions, the stockbroker started screaming hysterically.

    His Porsche, which he had just picked up the day before, was now completely ruined.

    When the stockbroker finally wound down from his ranting and raving, the officer shook his head in disgust and disbelief.

    "I can not believe how materialistic you stock brokers are," the cop said. "You are so focused on your possessions that you don't notice anything else."

    "How can you say such a thing?" asked the stockbroker.

    The cop replied, "Don't you know that your left arm is missing from the elbow down? It must have been torn off when the truck hit you."

    "My God!" screamed the stockbroker. "My Rolex!"

    June 13, 2012 at 1:14 pm | Report abuse |
  12. NukeTim

    He is someone who, over the years, has honed the skills of lying, cheating, and deceiving the common man (and woman.)

    He needs to be FIRED; and furthermore, banned from trading, both professionally and privately.

    MY opinion of this schmuck.

    June 13, 2012 at 1:17 pm | Report abuse |
  13. Ricke1949

    Time for capital markets to be capital markets. No back stops for the big boys by Dems nor Repubs.

    June 13, 2012 at 1:33 pm | Report abuse |
  14. Tony

    Who's Dimon you ask?

    Why....Dimons are a Churl's best friend.

    June 13, 2012 at 1:38 pm | Report abuse |
  15. ♚Mmmmm♛

    REGULATE THE BANKING INDUSTRY AND WALL ST...money IS matter...is doesn't disappears...justice dept need to hired just as shrewed prosecutors...congress we need 2/3 over y'all to get off the duff...

    June 13, 2012 at 1:54 pm | Report abuse |
    • really

      Regulation costs our government money (taxpers lose)- and provides a means for companies to justify another expense passed on to the consumer (taxpayers lose again). Your post makes zero sense. What should happen is let them fail... if the consumer loses faith then they have the option to choose another bank. That is all the regulation that banks need. I invest my own finances why because I don't trust big banks with my money. I have spent a lot of time researching companies and avoid investing anything in a company llike this and have been blessed with good fortune in doing so.

      June 13, 2012 at 3:50 pm | Report abuse |
    • fuzzy math?

      @really...regulation costs the taxpayer??? Regulation protects the taxpayer. Most of us taxpayers have jobs, IRA's, 401k's, mortgages and other investments as well as accounts ( checking, savings, MM, etc.),all of which can be destroyed when banks take advantage of an unregulated environment. Regulation is most certainly a worthy cost for us taxpayers to bare. Much like the "cost" incurred to maintain a military, police or fire dept ,for example.

      June 13, 2012 at 6:18 pm | Report abuse |
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