Book review
29 Jun 09
The House of Dimon, Patricia Crisafulli (Wiley, £14.99)
After a succession of financial shocks that has seen once great names go tumbling, JP Morgan’s Jamie Dimon could be said to be the last man standing on Wall Street.
He is certainly Wall Street’s biggest player now, and following the 11th hour rescue of Bear Stearns by JP Morgan, Dimon’s profile is higher than ever.
The House of Dimon goes behind the scenes to recount what the author calls “the amazing events” that have shaped Dimon’s career, including: his rise to prominence as protégé of Sandy Weill at Citigroup, only to be fired and denied the top spot; and the drama surrounding the deal to purchase Bear Stearns, which could have been a catastrophic bankruptcy.
Elsewhere, the book discusses Dimon’s management approach and how he has consistently been able to integrate acquired companies, reorganise underperforming units, create efficiencies and grow bottom-line results.
Through interviews with people who worked with or for Dimon, the book explains Dimon’s personal management style, revealing how he interacts and motivates employees.
Most importantly, the book explains Dimon in the context of contemporary Wall Street. In an environment that has destroyed several top CEOs, Dimon has avoided alluring, but potentially catastrophic risks, and has proved able to take advantage of strategic opportunities.
Crisafulli had full access to Jamie Dimon. This is no unauthorised, warts-and-all biography – quite the reverse – but it does provide some insights into the new king of Wall Street and how he got to where he is.