Soundview Executive Book Summaries


Summaries Say Bank on a Great Leader

Scanning today’s headlines I noticed a story concerning today’s release of JPMorgan Chase’s first-quarter earnings. It seemed to be a bit of good news/bad news for the financial institution. While the company’s first-quarter earnings exceeded expectations, CEO Jamie Dimon said that the bank’s losses from mortgages are likely to continue. As USA Today notes in this article, the company will “likely pay more fees and penalties after investigations into foreclosure proceedings in all 50 states are finished.” Dimon is one of the most respected CEOs in an industry that continues to be villified for its role in the 2008 global financial crisis.

In Jeffrey Pfeffer’s book Power: Why Some People Have It and Others Don’t, the author cites Dimon as an example of someone who overcame adversity during his early career. Pfeffer points out that Dimon left Citibank after, as the author writes, “his onetime mentor and boss, Sandy Weill, turned on him.”

Another author who speaks highly of Dimon is Keith Ferrazzi. I had the opportunity to interview Ferrazzi in 2009 around the time he was promoting Who’s Got Your Back, and he named Dimon as an example of a great leader. Here’s what Ferrazzi said:

You see how he’s weathered the financial challenges with JP Morgan, more so than most of the financial executives have done out there. If you walk into his executive committee they’re shouting and swearing at each other up and down the organization, so the level of social comfort that that requires, the level of safety that people have to have with one another to call their boss out on the carpet is incredible. Dimon demonstrates that.

To learn more about great leaders like Dimon, visit Summary.com for summaries of great leadership titles.

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