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- 05 23, 2024
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WHEN JAMIE DIMON took the reins at JPMorgan Chase in 2005 he had, at the relatively tender age of 49, already earned himself a reputation. In the 1990s he was the wunderkind sidekick to the imperial Sandy Weill, then boss of Citigroup, the world’s pre-eminent bank. Still, while some peers described Mr Dimon as brilliant, charismatic, caring and dedicated, others complained he was abrasive, foul-mouthed and unpredictable. Plenty doubted he was well suited to such a large stage.As we explain this week (see ), Mr Dimon has put paid to these doubters. JPMorgan weathered the financial crisis well and has since become the bank that all the others want to emulate. It is big, globally active, dominant in retail and investment banking, transparent, well capitalised and admirably profitable. Last year its return on equity was a handsome 15%. Its annual profits are now double the entire current market value of Deutsche Bank, once Europe’s pretender to the global investment-banking throne.