Jamie Dimon Net Worth (Forbes): Since 2005, James Dimon, an American billionaire banker and business manager, has led JPMorgan Chase as its president and CEO. He has also had a position on the Federal Reserve Bank of New York’s board of directors.
Jamie Dimon Net Worth
Dimon’s wealth is primarily tied to his holdings in JPMorgan’s shares, valued at over $1 billion. JPMorgan disclosed that Dimon and his family held 8.6 million shares, with unvested shares totaling over 2 million. The unvested shares, worth $1.5 billion, were worth $1.5 billion as of November 3, 2023. Including his earnings since 2006 and investments, Jamie Dimon net worth is likely at least $1.7 billion.
In order to diversify their assets and take advantage of tax breaks, Dimon and his family intend to sell one million shares beginning in 2024. This marks the first time Dimon has sold shares since joining JPMorgan in 2004. Despite the planned sale, his net worth is expected to remain around $1.5 billion, making him one of the wealthiest banking executives in the U.S.
Dimon, the CEO of JPMorgan, earns a base salary above the 2023 national median salary of $57,200. However, his additional compensation is dwarfed by performance-based incentives. Despite significant increases in revenue, profit, and assets under Dimon’s tenure, his wealth is dependent on JPMorgan’s share price, and a significant drop could potentially push him out of billionaire status.
Early Life & Education
Jamie Dimon, born in New York City, is the son of Theodore and Themis Dimon, both of Greek ancestry. His paternal grandfather, a Greek immigrant, changed the family name from Papadimitriou to Dimon due to job insecurity or a desire to sound French after falling in love with a French girl. Dimon has two brothers, Peter and Ted, both of whom were stockbrokers at Shearson, and both his father and grandfather were also stockbrokers.
He attended Browning School and majored in psychology and economics at Tufts University, graduating summa cum laude.
Dimon, a student at Tufts, wrote an essay on Shearson’s mergers, which his mother sent to Sandy Weill, who hired him to work on Shearson’s summer budgets.
After graduating, he worked in management consulting at Boston Consulting Group before enrolling at Harvard Business School. He worked at Goldman Sachs during summer. He graduated in 1982 with an MBA as a Baker Scholar. Sandy Weill convinced him to turn down offers from investment banks to join him as an assistant at American Express, promising him “fun.” Dimon’s father, Theodore Dimon, was an executive vice president at American Express.
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Career
Commercial Credit (CITIGROUP)
Sandy Weill and Dimon left American Express in 1985, taking over Commercial Credit from Control Data. Dimon served as the chief financial officer at 30 and helped turn the company around. In 1998, they formed Citigroup through mergers and acquisitions. Dimon left Citigroup in November 1998, after Weill asked him to resign. Rumors suggest they argued in 1997 over Dimon’s not promoting Weill’s daughter, Jessica M. Bibliowicz, and a request for equal treatment as an equal.
Progress Towards J.P. Morgan
Dimon became CEO of Bank One in March 2000 and later became president and COO of the combined JPMorgan Chase and Bank One.
Dimon’s tenure at JPMorgan Chase has led to the bank becoming the top U.S. bank in domestic assets under management, market capitalization value, and publicly traded stock value, and was named one of “The TopGun CEOs” by Brendan Wood International in 2009.
In 2014, Dimon was awarded $20 million for his 2013 record profits and stock price, despite significant losses due to scandals and fine payments. This 74% raise included over $18 million in restricted stock. Despite a $13 billion settlement with the US government for bad mortgages and practices during the financial crisis, Forbes reported that Dimon’s stewardship strengthened the company’s control infrastructure, processes, and leadership capabilities. The bank emphasized the importance of Dimon’s leadership in bolstering control infrastructure and processes.
Jamie Dimon testified in May 2023 regarding two lawsuits against JPMorgan Chase, accusing the bank of serving Jeffrey Epstein, a late sex offender, within five years of his crimes becoming known, which the bank dismissed as meritless.
Remuneration
Dimon, a US bank CEO, has become a billionaire due to his stake in JPMorgan Chase. In 2011, he received a $23 million pay package, surpassing any other US bank CEO. However, his compensation was reduced to $11.5 million in 2012 due to controversial trading losses. In 2022, he received $34.5 million.
Political Aura
After Barack Obama won the 2008 election, there was speculation that Dimon would serve as Secretary of the Treasury, but Timothy Geithner, the president of the Federal Reserve Bank of New York, was chosen.
Dimon, a CEO with close ties to Obama’s White House, including former Chief of Staff Rahm Emanuel, has been accused of having liberal access to former Treasury Secretary Timothy Geithner. Despite this, Dimon has frequently disagreed with some of Obama’s policies in public.
In 2012, President Obama defended Jamie Dimon from allegations of irresponsibility regarding JPMorgan Chase’s $2 billion trading losses on ABC’s The View. He praised JP Morgan’s management and Dimon’s intelligence. During the 2016 UK EU membership referendum, Dimon’s JP Morgan Chase donated significant funds to the Remain campaign and personally campaigned with Chancellor George Osborne against Brexit. However, an investigation is expected.
Dimon, a former businessman, joined a forum set up by then-president-elect Donald Trump in December 2016 to provide strategic and policy advice on economic issues. The forum dissolved after Trump’s comments on alt-right political violence at the 2017 Unite the Right rally.While opposing the trade and immigration policies of the Trump administration, Dimon supported the Tax Cuts and Jobs Act of 2017. In a 2019 interview with 60 Minutes, Dimon praised the US’s “most prosperous economy” despite acknowledging issues like income inequality and the China-US trade war. He also criticized the US government’s response to the COVID-19 pandemic and the state of education, healthcare, and social safety nets.
Dimon highlighted the absence of a formidable moderate who supported free market and capitalism during the 2020 Democratic Party presidential primary. In 2018, he considered starting his own presidential campaign but decided it would be too unpopular.
Dimon wrote a memorandum calling for candidates to respect the democratic process and peaceful transition of power during the 2020 election. He condemned the 2021 US Capitol attack and in 2021, Trump criticized Dimon for his company’s business in China.
Dimon, a prominent investor, advocated for the abolishment of the US debt ceiling and warned of the catastrophic consequences of a sovereign default on the world economy. He was encouraged by Bill Ackman to run in the 2024 US presidential election but has no plans at this time. Dimon also expressed his preference for Nikki Haley over Donald Trump as the Republican nominee for the 2024 US presidential election and refused to endorse either Biden or Trump. He is currently leading at JPMorgan Chase for three and a half more years.
Assets
Jamie Dimon, also known as James Dimon, has been the CEO of JPMorgan Chase & Company since January 2006, a global banking giant with assets of around $3.3 trillion.
Dimon, a career banker, began his career in the 1980s as an assistant for Sanford Weill. He helped orchestrate mergers and acquisitions, leading to the formation of Citigroup, one of the largest financial services companies in the U.S., but left after a disagreement with Weill.
Jamie, the CEO of the largest U.S. bank, currently holds the highest base salary of $1.5 million as of 2022. Starting with a base salary of $1 million in 2005, his incentive pay packages have significantly increased since then. In 2006, his base salary was $1 million, with additional bonus and restricted stock payments of $26 million according to the current census.
In 2022, his total compensation was $34.5 million, which included a base salary of $1.5 million and performance-based incentives of $33 million.
Personal Life
Dimon married Judith Kent in 1983 and they have three daughters: Julia, Laura, and Kara Leigh. Julia and Kara attended Duke University, while Laura is a Barnard College graduate and freelance journalist, currently a producer for ABC News.
Dimon, diagnosed with throat cancer in 2014, underwent eight weeks of radiation and chemotherapy. In March 2020, at 63, he underwent emergency heart surgery to repair an acute aortic dissection. JP Morgan reported that Dimon recovered well, with Gordon Smith and Daniel Pinto running the bank until his return. In April 2020, Dimon returned to work in a remote capacity due to the COVID-19 pandemic.
Rewards & Awards
| Year | Award |
| 1994 | The Browning School Athletic Hall of Fame |
| 2006 | Golden Plate Award of the American Academy of Achievement |
