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Defining The Times

Defining The TimesTufts graduate and J.P. Morgan Chase CEO Jamie Dimon – who has helped to shape the landscape of the financial services world – is one of 100 men and women on TIME magazine’s list of people who are transforming the world.

Medford/Somerville, Mass. [05.18.06] Tufts graduate Jamie Dimon, the new CEO of J.P. Morgan Chase who also helped build financial services giant Citigroup, has been named to the 2006 TIME 100 list of "people who shape our world." According to the magazine, “the brash, brilliant Dimon has been considered one of the few rock stars in banking.”

“Now that Dimon, 50, has taken over as head of J.P. Morgan Chase, the nation's third largest bank, the industry is eagerly watching to see whether he can make music in the global financial-services supermarket that he helped shape,” TIME reported.

Dimon, who joins fellow Tufts alumnus Vikram Akula on TIME’s list of the world’s most influential people, earned a degree in economics from Tufts in 1978. He started his career in banking in the 1980s as an apprentice to industry legend Sandy Weill and helped him build Citigroup into the world's largest financial services company.

In 2000, Dimon took over as head of the financially troubled Bank One and engineered a turnaround at the Chicago-based company, which later merged with J.P. Morgan Chase. In early 2006, Dimon became CEO of J.P. Morgan Chase, where he’s already made his mark.

“Dimon has at least succeeded in shaking up J.P. Morgan, bringing to the job his trademark drive, candor and painstaking attention to detail,” TIME reported.

According to the magazine, Dimon “has slashed some top managers' bloated salaries, preferring performance pay. He has canceled a multi-billion-dollar outsourcing deal with IBM to bring technology in house, settled charges of wrongdoing from the Enron and WorldCom scandals, and is bringing some consistency to the firm's volatile earnings.”

While Dimon, who recently received Tufts’ Light on the Hill Award - the highest award given to Jumbo alumni the Tufts Community Union Senate, has already made significant changes at J.P. Morgan Chase, he faces some challenges. According to TIME, the Wall Street mogul is looking forward to the task.

“Dimon needs to add more retail muscle at home and abroad to deliver on the promise of his career, which means people are expecting not just big things but big deals from him,” according to TIME. “And he wouldn't have it any other way.”

 

 

 

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