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Jamie Dimon & Bank One

In: Business and Management

Submitted By clw19
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Running head: JAMIE DIMON AND BANK ONE

Jamie Dimon and Bank One

Jamie Dimon and Bank One Successful entrepreneur and businessman Jamie Dimon was hired as the CEO of Bank One to analyze and correct many significant issues. Political infighting, rampant overhead costs, poor customer service, low morale, and outdated IT systems were only a few of the daunting problems plaguing the company. Dimon’s task was not an easy one: to use entrepreneurial thinking, innovation, risk-taking and decisive action to save Bank One from impending disaster (Marshall & Thedinga, 2006).
Dimon’s Mission Dimon arrived at Bank One in March of 2000 as the new CEO. In addition to learning about the situation at the organization, Dimon was intent to uncover the truths behind Bank One’s challenge – the poor decisions and missteps taken that contributed to the current organizational challenges. Once uncovered, Dimon set out to synthesize his findings and deliver a plan of action that would save Bank One from a continued downward spiral (Marshall & Thedinga, 2006).
Dimon’s Signals to the Organization Using his behavior, Dimon sent several very clear signals to the company. The first signal he sent was that he was strongly invested in Bank One’s future success, that he was a part of the Bank One ‘family.’ Dimon accomplished this by purchasing 2 million shares of the company, at a cost of $57 million. This reflected this theory that leaders should “eat their own home cooking” (Marshall & Thedinga, 2006, p.2). According to some estimates, Dimon had nearly half his net worth tied to Bank One (Marshall & Thedinga, 2006). This gesture sent a clear signal to the employees that he was invested in Bank One’s success, just as they were. Another signal Dimon sent the organization is that he was accessible and visible. He opted to use…...

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