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  10 rules for Sucess by Jamie Dimon, CEO of JP Morgan Chase

 1. Dare greatly He majored in psychology and economics at Tufts University. 2. Be a lifelong learner After graduating, he worked in management consulting for two years before enrolling at Harvard Business School. 3. Enjoy life During the summer at Harvard, he worked at Goldman Sachs. 4. Deal with failure He graduated in 1982, earning a Master of Business Administration degree as a Baker Scholar. 5. Earn it every day In 1998 Dimon and Weill were able to form the largest financial services conglomerate the world had ever seen, Citigroup. 6. Be prepared for tough times In March 2008 he was a Class A board member of the Federal Reserve Bank of New York. 7. Write your own book He was named to Time magazine's 2006, 2008, 2009, and 2011 lists of the world's 100 most influential people. 8. Live deliberately He was diagnosed with throat cancer in 2014. 9. Take care of your family He was also named to Institutional Investor's Best CEOs list from 2008 through 2011. 10. Have humility He received a $23 million pay package for fiscal year 2011, more than any other bank CEO in the United States.

 Presentation of that guy :

Executive Summary

Dimon is a native of Queens and a third-generation broker who spent his summers working at his father’s and grandfather’s firm. A career defined by "big, showy deals" has made him a celebrity on Wall Street. His profile rose even higher during the 2008 financial crisis, thanks to his fire sale purchases of Bear Stearns and WaMu. In the wake of these deals, Dimon has emerged as one of the banking industry’s most powerful executives. And, although JP Morgan has also been hurt by the crisis, it has one of the strongest balance sheets in the industry. Dimon reportedly shuns the black tie circuit and the golf course, considering music his only hobby.

Biographical Highlights

·      Born March 13, 1956 in Queens, New York City to Theodore and Themis Dimon, of Greek descent.

·      Dimon is a third-generation broker; his grandfather, a Greek immigrant, and his father, Theodore Dimon, were both brokers and were business partners for nearly 20 years; Jamie worked summers in their New York office.

·      He earned a BA in psychology and economics from Tufts University in 1978 and an MBA from Harvard Business School Harvard in (1982)

·      Intern, Goldman Sachs (1978)

·      Consultant, Management Analysis Center (1978-1980)

·      VP and Assistant to the President, American Express Company (1982-1985)

·      EVP and CFO, Commercial Credit Group precursor to Citigroup (1986-1989)

·      President and CFO, Primerica Corporation (1991-1993)

·      President and COO, Travelers Group (1993-1998)

·      President, Citigroup, Inc, and Chairman and Co-CEO of Salomon Smith Barney Holdings, Inc. (1998)

·      Private investor (1998-2000)

·      Prior to Bank One’s merger with JPMorgan Chase, he was Bank One’s Chairman and CEO (2000-2004)

·      President and COO, JPMorgan Chase & Co. (2004-2005)

·      President and CEO, JPMorgan Chase & Co. (2005-present)

·      Married to Judith Kent; they have three daughters, Julia, Laura, and Kara Leigh.

·      In 1994, he was inducted into the Browning School’s Athletic Hall of Fame.

·      Dimon was named to Time magazine’s 2006, 2008, 2009, and 2011 lists of the world’s 100 most influential people.

·      In 2011, Dimon topped Institutional Investor’s third annual All-America Executive Team for second year in a row. He hailed as the best chief executive officer in the U.S., according to participants in the 2012 All-America Executive Team survey, Institutional Investor’s third annual ranking of the nation’s best CEOs, CFOs, investor-relations professionals and IR companies.

·      Named one of the top 25 Highest Rated CEOs by Glassdoor in 2012

·      In 2012, Dimon was named executive of the year by the University of Rochester’s Simon Graduate School of Business.

·      Dimon was one among Barron’s 30 Most Respected CEO’s in 2013.

·      Dimon was named one of the 500 most powerful people on the planet by Foreign Policy magazine in 2013.

·      He was named to Forbes’ World’s Most Powerful People list in 2015.

  Personal Attributes and Interests

·      He has a twin brother, Theodore. Dimon attended Browning School.

·      In 1983, Dimon married Judith Kent, whom he met at Harvard Business School. They were married by a rabbi, as Kent is Jewish. They have three daughters: Julia, Laura, and Kara Leigh, who Dimon once took on an RV vacation through several western states and national parks.

·      Dimon graduated from Harvard Business School along with classmates Jeffrey Immelt, chairman and CEO of General Electric. and Seth Klarman, founder and president of the Baupost Group, a Boston-based private investment partnership, and the author of a book on value investing.

·      Dimon was portrayed in the 2011 HBO film "Too Big to Fail" by Bill Pullman. He is also portrayed in the BBC TV film "The Last Days of Lehman Brothers" by Michael Brandon.

·      Theodore, Jamie’s twin, recalls a superconfident sibling who always wanted the ball when the game was on the line. He also "used to stand up to bullies who threatened his smaller twin."

·      Dimon reportedly installed extensive soundproofing for his apartment so the neighbors aren’t bothered by his habit of blasting Frank Sinatra tunes on his library’s sound system.

·      Dimon is a “Wall Street celebrity” whose career has been defined by “big, showy deals.” He is known as a master numbers cruncher and has been noted for his “lack of people skills,” though he is “tremendously respected.”

·      Dimon reportedly avoids the black-tie circuit and never sets foot on a golf course.

·      Dimon was "forced from the nest" at Citigroup by Sandy Weil over ten years ago but is resisting the temptation to gloat over the fact that his company, JPMorgan, has virtually supplanted Citigroup as the preeminent financial conglomerate.

·      Shortly after taking the reins at Bank One, Dimon bought two million shares of his new company. "Ownership is a critical thing,” he said at the time. “Even if you run a retail store, you think, ’Hey, it’s my store, my company,’ and you run it like it’s your own. And I learned that from Sandy.”

·      Dimon yanked Bank One’s sponsorship of the Masters golf tournament because the country club hosting the event didn’t allow women to have memberships.

·      "You know how Google’s motto is ’Don’t be evil’? Well, ours is ’make more money,’" Dimon quipped at an investor meeting. "But do it ethically - there are lawyers in the room.”

·      His favorite meal is a cheeseburger and fries; he also enjoys martinis and Chicken Parmesan.

·      Dimon has made a career of being a relentless cost-cutter, and has been known to slash perks such as employee gyms and company-provided cell phones. He once famously said to an executive, “You’re a businessman. Pay for your own Wall Street Journal.”

·      Dimon is listed as a “Builder and Titan” on the 2006 TIME 100: The People Who Shape Our World.

·      According to his wife, Dimon “loves misbehaving in places where he’s supposed to behave.”

·      Dimon co-chaired the 2008 World Economic Forum annual meeting in Davos,
Switzerland. His discussion at this international meeting of business leaders focused upon corporate social responsibility and financial risk.

·      Dimon served as an economic adviser to Barack Obama’s presidential campaign in 2008.

·      Back in June 2012, Dimon testified before a US Senate Banking Committee, reported Forbes. Dimon said he was "dead wrong" when he dismissed media reports over trading in the bank’s chief investment office as "a complete tempest in a teapot." He pointed the finger at the former chief investment office head Ina Drew, who Dimon said assured him that "this was an isolated small issue and that it wasn’t a big problem." Dimon has admitted that the bank took on too much risk, but maintained that the bank’s chief investment office designed the trades to diminish and manage risk. He said that the trades were put on as part of the bank’s effort to comply with new international banking regulations. Democratic senator from South Dakota, Tim Johnson asked Dimon if the JPMorgan traders in the bank’s chief investment office were incentivized through their compensation to take bigger risks that made the trading debacle worse. Dimon said he did not believe the compensation model made things worse and added "it’s likely there will be clawbacks," referring to the potential that the bank will reclaim some of the compensation given to the traders responsible for the losses. Dimon had previously argued that the trades that produced his bank’s recent losses would not have been barred had the
Volcker Rule been in effect, but some experts think those trades would not have been able to grow so large under the proposed rule. Dimon also admitted that the adoption of a new risk model in January 2012 may have contributed to the big trading losses, which he didn’t realize. "We were still unaware that the model might have contributed to the problem," Dimon said. "So when we found out later on, we went back to the old model."

·      Dimon currently resides in Upper East Side, Manhattan.

·      According to WSJ, in July 2014 Dimon disclosed that he was diagnosed with a curable throat cancer. He will receive radiation and chemotherapy treatment at Memorial Sloan Kettering Hospital in New York.

·      In December 2014, Dimon told employees that tests have shown no evidence of cancer just three months after he finished scheduled treatment, reported WSJ. Dimon delivered the update to employees after undergoing a “thorough round of tests and scans.” He said, “The good news is that the results came back completely clear, showing no evidence of cancer in my body...While the monitoring will continue for several years, the results are extremely positive and my prognosis remains excellent.”

Current Focus

·      Accept ‘higher cost of Brexit’: In July 2016, Dimon said JP Morgan will accept a higher cost of doing business in the European Union and the U.K. as long as it doesn’t harm the bank’s client relationships. “It would be nice if it doesn’t create huge turmoil,” Dimon
said. He said J.P. Morgan would “accept a higher cost [of doing business in Europe] as opposed to disrupting our clients.” CFO Marianne Lake said it was really too early to assess the affect of the U.K.’s decision to split with the European Union but the bank would aim to be prepared for a range of potential outcomes. “The truth of the matter is it is very, very early days...and we will continue to evaluate the landscape over the weeks and months and quarters [ahead] and plan accordingly,” Lake said. The company employs some 16,000 people in the U.K., which is considered among the world’s most important financial hubs. Due to changes in trade agreements that would end in the wake of Brexit, the bank has said thousands of those workers might be moved or cut. The company emphasized, however, it wanted to continue to do business in the EU despite the stresses of Brexit and as Italian banks are being battered by concerns that they’re drowning in souring loans.

·      Lift basic hourly pay: In July 2016, JP Morgan announced that it will boost pay for 18,000 of its lower-tier employees over the next three years, reported New York Times. The minimum salary for employees is $10.15 an hour now and over the next three years, the company will raise the minimum pay for employees to between $12 and $16.50 an hour for full-time, part-time and new employees, depending on geographic and market factors. Many employees who will receive this increase work as bank tellers and customer service representatives. “The increase will help the bank attract and retain “talented people in a competitive environment’’ and is the right thing to do,” said Dimon. Apart from the wages, the lower-compensated employees will receive a medical plan subsidized up to 90 percent by the company as well as dental, vision and other coverage. Many of these and other benefits, including a 401(k), pension, a special annual award, paid family leave, paid vacation and bereavement, have been increased in recent years. In total, the annualized value of all of the benefits for these employees is on average approximately $11,000 a year above their existing wages. In addition to the wage change, the company said it will invest over $200 million in 2016 on training for thousands of entry-level employees in our consumer banking business. The company is also investing $325 million in career-oriented education aligned to growing sectors.

·      Set up new branches in India: JP Morgan Chase is opening three branches in India, expanding in the world’s second-most populous nation even as global competitors pull back, WSJ reported in July 2016. “We have a great commitment to this country,” said Kalpana Morparia, Chief Executive for South & Southeast Asia, J.P. Morgan. The bank’s new branches will be in New Delhi, and near the south Indian cities of Bangalore and Chennai. “We’ve been very careful in selecting these locations,” given Chennai’s status as a manufacturing hub and Bengaluru’s standing as an information-technology center, Muhammad Aurangzeb, CEO of Asia-Pacific, said. “We have a number of clients in both locations.” Like other major banks, Morparia said that J.P. Morgan is looking to increasingly service clients digitally. “We’ve made significant investments in our tech platform to basically embed a virtual branch across [clients’] desktops,” said Morparia. She said that the new branches will enable the bank to better service its existing clientele, which includes multinational companies and Indian firms which have international trade links. Morparia said that J.P. Morgan’s focus in India will remain on companies with international trade links and other large firms, to whom it will provide commercial-banking services including cash management, trade finance and foreign-currency payments, and lending services, as needed.

·      Combat climate change: JPMorgan, in March 2016, said it will no longer finance new coal mines around the world and will end support for new coal-fired power plants being developed in “high income” countries of the Organization for Economic Co-operation and Development, reported Bloomberg. Recognizing global challenges and risks emanating from climate change, the company, in its Environmental and Social Policy Framework, said that outside of rich countries, it will back only coal-fired power plants that employ “ultra- supercritical” technology that is more efficient than conventional systems. The bank will consider on a "case-by-case basis" coal plants that capture carbon-dioxide emissions and prevent their release into the atmosphere. Additionally, JPMorgan also plans to shrink its credit exposure in the “medium term” to companies that generate most of their revenue from coal mining and sales. The bank said it expects its business to reflect the “decline of coal as an energy source,” although it said it will maintain corporate lending relationships with big mining groups. “We believe the financial services sector has an important role to play as governments implement policies to combat climate change,” the company said.

·      Enter online loan boom: JP Morgan said it will partner with alternative lender OnDeck Capital to offer smaller dollar loans to small businesses, reported FierceFinanceIT in December 2015. The company said the partnership, which is expected to launch in 2016, will also enable the company to leverage OnDeck's technology to offer fast approvals and funding. Jennifer Piepszak, head of business banking said, "By combining Chase's relationships and lending experience with OnDeck's technology platform, we'll be able to offer almost real-time approvals and same or next day funding. It really originated with a need to remove pain points and just make the process easier.” she said, “We obviously have the lending experience; they have a disruptive customer experience that we’re very interested in.” Dimon said that the new ventures offer “the kind of stuff we don’t want to do or can’t do, but there’s somebody else who can do it and do it probably well.”

·      Thoughts on bank regulation and bitcoin: "Banks should be allowed to fail," Dimon told those attending the Fortune Global Forum, reported San Francisco Business Times in November 2015. But he clarified, "We're not going to fail." Dimon suggested a label for the government's efforts to resolve how to handle big banks when they run into trouble: "For the American public, it should be called 'bankruptcy for big, dumb banks.'" He was eager to distinguish his bank from the dumb ones, reiterating that his bank didn't need the billions it had to take under the Troubled Asset Relief Program. As for the bank's more recent financial performance, Dimon said, "We have actually earned good returns. We're not talking about earning great returns," Dimon said. "We bought Bear Stearns when we were asked to, and we've been punished pretty severely since then," Dimon said. Dimon, clearly unhappy with the fines tied to troubled financial institutions that the company acquired amid the crisis, said, "Regulators tell me, 'Get over it, Jamie,' and I say 'Yes, sir.'" On the prospects for bitcoin, Dimon said, you’re wasting your time. My belief is there won't be virtual currency," Dimon said, saying that governments are too eager to control currencies. "There's no government that will put up with it for long." He said technology supporting bitcoin may find successful applications. Dimon called the creation of the European Union "one of the greatest accomplishments of mankind ever." He said the creation of the euro was designed to make the European Union ties more permanent. "Breakup of the euro today, in my opinion, would cause a depression," Dimon said. He also said the Fed's low- rate environment is causing "unintended consequences".

·      Trim costs and become more efficient: According to an October 2015 WSJ article, JPMorgan, in its latest round of cost cuts, is hoping to save tens of millions of dollars by eliminating support for the BlackBerry wireless devices by 2016 and mandating that some employees pay for their own devices. The company also reduced the number of hotels it will approve for business trips, leaving some employees seeking manager approval to stay at five-star hotels. Some parts of the bank are also testing “ratio seating,” in which employees essentially share desks with others who work at different shifts or those working across multiple office locations. Spokesman Joe Evangelisti said, “Cutting wasteful expenses frees up resources" for J.P. Morgan to continue investing elsewhere. Earlier in May 2015 JPMorgan announced its plan to cut more than 5,000 jobs in an effort to trim costs and become more efficient, reported WSJ. The cuts already have begun and are part of a broader industry move toward Internet and mobile banking. The bank will cut at least 2% of its current workforce in 2016. Dimon said that the average JPMorgan Chase branch would lose one employee over the next two years, mostly through attrition. The layoffs are broader, however, affecting all four of the bank’s major business units: corporate and investment banking, consumer and community banking, asset management and commercial banking. Some employees in the “controls” part of the bank, such as those in legal or compliance, also will be affected as the bank trims departments that have grown markedly over the past few years. JPMorgan also is looking to more sophisticated technologies to automate work, such as new ATMs or faster trading capabilities. “It’s cheaper for us and good for clients,” he said. The bank said in February 2015 that it expects expenses to drop to about $57 billion in 2015 from $58.4 billion in 2014. “We won’t compromise investment dollars in order to improve short-term efficiency or performance,” CFO Marianne Lake said, adding that keeping strong controls also is a priority. There also is a focus on costs in the corporate and investment bank, with layoffs expected around technology and operations employees. According to Bloomberg JPMorgan is also eliminating voice mail for consumer-bank employees as part of its push to trim $2 billion in annual expenses. “We realized that hardly anyone uses voice mail anymore because we’re all carrying something in our pockets that’s going to get texts or e-mail or a phone call,” Gordon Smith, head of JPMorgan’s consumer and community bank, said. “So we started to cut those off.”

·      Form data company: According to an August 2015 WSJ article, J.P. Morgan, Goldman Sachs and Morgan Stanley are working to create a company that will pull together and clean reams of reference data at a lower cost than what they would spend individually, according to people familiar with the matter. The new entity will create a stream of consistent data that banks use to help determine pricing and transaction costs.The initiative is currently dubbed “SPReD”, which stands for Securities Product Reference Data, and is likely to be launched in the next six to 12 months. Each founding bank is investing “seven figures” for the entity, they said. The company will work specifically with reference data on financial instruments, including identifiers like names, codes and symbols that each institution already buys. It will start with listed derivatives and equity data, with fixed income-related data added later. The project would consolidate efforts to clean and store the vast amount of data, centralizing a function that many banks have previously done individually, with some housing data in a variety of units within their organization. The banks selected SmartStream Technologies in 2014 after soliciting bids and ideas for the structure of the new entity from firms that provide outsourcing and other middle and back-office services. They plan to spin off a portion of SmartStream’s business, including some existing reference data clients, into the new entity, with the consortium of banks taking a stake. The new entity will create tailored data feeds for each client using existing sources of data that firms receive from a variety of vendors. Each bank or client will continue to negotiate those data vendor relationships themselves. Earlier in 2015 J.P. Morgan created a central system within the bank that pulled streams

·      reference data from all of its providers into one hub, a person familiar with the process said. The new entity will take over scrubbing reference data for the bank, ultimately feeding it back into J.P. Morgan’s system, as part of its cost savings initiative.

·      Curbing Growth: In February 2015, the New York Times reported that the Company is implementing changes to ensure that it does not grow any larger. Executives have outlined new plans to reduce the amount of customer deposits it holds by nearly $100 billion and cut nearly $3 billion in expenses from its investment bank. Dimon emphasized that the Company’s basic model of providing the full range of financial services around the globe was still working. “Our mix obviously works for the client. That is the best judge,” Dimon said.

·      Capitalizing on Data: In May 2015, Diana Farrell, CEO of the new JP Morgan Chase Institute, described how the Company is using big data to provide fresh economic insights. Farrell’s institute draws on internal information on 30 million U.S. bank account holders, often allowing for faster and more nimble conclusions, reported Fortune. “We have a window into 135 million daily transactions,” notes Farrell. The JPMorgan data keeps up with a fast-paced economy, giving us an ability to gauge the fallout from natural disasters like Hurricane Sandy or the economic impact of states raising the minimum wage. “We can zoom in and see the impact,” Farrell noted.

·      Chip Technology: The Company said it would convert 70% of its credit and debit cards to chip technology, an upgrade from the magnetic strips that currently dominate the U.S. market, by the end of 2015, reported The Street in May 2015. Chip cards have an added layer of encryption technology, which makes them less susceptible to hackers, but using them requires upgrades of point-of-sale swipe terminals and ATMs. "Fraud and security threats facing consumer payments today is a complex issue," Smith said in a statement. "We’re working to employ a variety of approaches to protect our customers -- adopting chip technology is a critical step on this journey."

·      Employee Surveillance: The Company is developing a new employee surveillance program that will track whether traders are attending their compliance classes and how well they adhere to "personal trading rules" and risk limits, reported Bloomberg in April 2015. The program is designed to predict behavioral patterns and “monitor for employees who may go off the reservation.” The program will roll out on the trading side first, and later in the investment banking and asset management departments. Spotting bad behavior before it takes place is becoming a priority for the Company, which has reportedly spent more than $36 billion in fines and legal battles in the aftermath of the financial crisis, stated Bloomberg. In a memo an executive reminded employees of the impacts of scandals on everyone’s bonuses. And for executives, reducing legal bills is crucial in order to balance the books going forward.

·      Focusing on the Customer Experience: On the Company’s April 2015 earnings call, CFO Marianne Lake said: “We remain focused on the customer experience and on our strong customer satisfaction rankings and we continue to grow households and see very low levels of attrition. And with deepening relationships, our average deposits are now over $0.5 trillion, up 9% year-on-year. We have record client investment assets up 12%. Our active mobile customer base is up 22%; part sales volume up 8% and our overall loan book grew for the third consecutive quarter with core loan growth of 15% year-on-year. And across CCB, we remain disciplined on expense management. Year-on-year expenses were lower by nearly $250 million and our headcount is down about 1,900 so far this year.”

·      Investment Bank Struggles: The investment bank led by Pinto has been improving its position relative to competitors, gaining market share in areas like stock trading and European banking, cementing its place as the largest investment bank in the world. But while profits at JPMorgan Chase rose to a record level in 2014, profits from the investment bank fell 16 percent from the previous year to the lowest level since 2011, reported the New York Times in March 2015. “When judged by the returns it provides to shareholders, though, the investment bank has become the worst performing major division in the Company... Moving forward, Mr. Pinto lowered his projected returns for future years to 13 percent from 15 percent, bringing it below even the struggling mortgage lending operation.” Additionally, the regulatory pressure on the investment bank remains strong as it faces potential fines over accusations that traders colluded to manipulate various financial benchmarks.

·      Doubling Down on Cybersecurity Spending: The Wall Street Journal reported in August 2015 that J.P. Morgan Chase & Co. expects its cybersecurity spending to be around $500 million in 2016--this is double the $250 million it has been spending annually in recent years. "Cybersecurity attacks, like the one experienced by the firm, highlight the

need for continued and increased cooperation among businesses and the government,” said the company in an SEC filing. J.P. Morgan Chairman and Chief Executive James Dimon said back in October 2014 that the bank would double spending on cybersecurity over the next five years, his first public remarks following the data breach that hit the nation’s largest bank last summer. “We have to be vigilant,” he said, adding that issues around cybersecurity “will happen for a long time.” The bank said in its quarterly filing that it continues to work on strengthening its partnerships with government and law enforcement agencies in addition to third-party service providers.

 Key Challenges

 ·      Job cuts after Brexit vote: In June 2016, Dimon warned that between 1,000 to 4,000 UK jobs at the bank could move overseas in the wake of the country’s vote to leave the EU, reported The Guardian. The company said in an email to staff that changes in its “European legal entity structure” might be needed and in the location of some roles. However, the bank said it will maintain a large presence in London, Bournemouth and Scotland. Dimon said, “While these changes are not certain, we have to be prepared to comply with new laws as we serve our clients around the world. We will always do our best to take care of our people and do the right thing during times of change. We are hopeful that policymakers will recognise the immense value created through a continued open economic engagement between the UK and EU members. As negotiations offer more clarity over the coming months, we will communicate with you and with our clients regarding any relevant changes.”

·      Lessons Learned and Precautions Taken: Dimon acknowledged back in 2014 that a series of legal headaches in 2013 evolved into "the most painful, difficult and nerve- wracking experience I have ever dealt with professionally." According to WSJ the comments in Dimon’s annual shareholder letter offer the most revealing picture to date of how he reacted to a combination of government probes and lawsuits that culminated in payouts of more than $20 billion. The bank, he said, "was under constant and intense pressure." The "best option, perhaps the only sensible option," he added, was to "settle as much as we could all at once, albeit at a high price." In his 32-page letter, he also presented a more detailed view inside JMorgan’s scramble to adapt to heightened scrutiny from its federal overseers and a raft of new US regulations enacted since the financial crisis. A new "state-of-the-art control room" at JMorgan’s Park Avenue headquarters is now up and running. The Company, he added, also intends to deploy 8,000 employees across the firm to build a program designed to root out money laundering. Dimon in his letter to shareholders said the Company came through 2013 "scarred but strengthened" and hinted that he would have more reflections to offer in the future. "There is much to say and a lot to be learned in analyzing what happened, but I am not going to do so in this letter," Dimon added. "More distance and perspective are required."

·      Rivals of all Sorts: Dimon said that threats to its dominance may come from Beijing, Silicon Valley and a San Francisco-based rival with a stagecoach logo, reported The Columbus Dispatch back in 2014. “We know there are going to be attacks everywhere,” Dimon told investors at an annual meeting. About challengers he cited companies including Industrial & Commercial Bank of China, Google and Wells Fargo & Co. Wells Fargo will be “a major investment bank” within five years, he said. “My operating assumption has always been and always will be that we are going to have huge, tough competition from Goldman Sachs and Wells Fargo to some new entrants. Wells Fargo will be in our business. I have enormous respect for them. The bank also said it would eliminate about 8,000 jobs in consumer and mortgage banking in 2014, while hiring in areas such as compliance and risk management, Dimon said. He added that he will stick with home lending, after calling mortgages “the most painful business ever.” Technology companies “all want to eat our lunch,” Dimon said. “I mean every single one of them, and they’re going to try.” The loans fill a key need for consumers. Dimon is selling or closing businesses he considers risky and dropping non-U.S. clients who might invite regulatory scrutiny. He’s fending off allegations of rigged markets and ignoring suspicious activity by clients.

 Sources : Boardroom Insiders