Jamie Dimon is the CEO of the world’s leading investment bank, JP Morgan. Business Cool shares with you today valuable advice from an emblematic figure in the world of finance, to succeed in your professional life.
In a video YouTube published this May 9, for graduates of Ohio State University, Jamie Dimon shares valuable advice on managing this period of crisis. It shows how to get through it, despite this pandemic which is impacting jobs. He does not fail to recall: “I always hesitate to give advice because you might think that I have always been successful in life, but I assure you that is not the case.”
The importance of learning from mistakes
Throughout his career, Jamie Dimon has faced many obstacles and professional failures. In 1998, he was fired from Citigroup by his own manager, even though he had more than 15 years of experience with the company. Jamie Dimon was the chairman of Citigroup. But, shortly after his appointment, Sandy Weill, his supervisor and mentor, asked him to resign, for fear that he would take over as head of the group.
In the podcast Coffee with The Greats, Jamie delivered: “When I was fired, I was totally surprised. Maybe I shouldn’t have been. There were plenty of telltale signs, but I missed them at the time. »
However, despite this event, he kept his head held high and declared: “it was my net worth, not my self worth that was involved. » (it was my net worth and not my worth as a person that was at stake). What Jamie Dimon missed most was mainly working with his teams and being challenged on a daily basis. He went from working 80 hours a week to a much less intense period.
This was not enough to deter him, as two years later he became CEO of Chicago-based Bank One, which was later acquired by JPMorgan Chase. Under his leadership, the investment group weathered the Great Recession and became the largest bank in the United States. Three years after his appointment, Bank One reported a record profit of $3.5 billion.
“ You have all been affected by the health crisis in different ways. Your future is bright, but, over time, it is inevitable that you will face difficult times and failures, both personally and professionally. How You Handle Failure May Be the Most Important Thing in Your Success. »
Continue to train
Jamie Dimon points out in his YouTube video that “Learning is a lifelong pursuit, it doesn’t end when you graduate from college. Regardless of what you do for a living, to be successful you must continually learn and demonstrate unlimited intellectual curiosity. » The CEO of JP Morgan admits to spending around 50% of his time reading and learning new subjects. “This is all the more important in today’s increasingly complex and rapidly changing world. »
In addition to reading, Jamie Dimon encourages students to learn from others and carefully observe their actions. He explains: “You can learn more by talking to someone for 15 minutes than by spending your entire life doing something.” I learned a lot about what to do and what not to do by observing other people. »
Jamie Dimon received his bachelor’s degree in psychology and economics from Tufts University in 1978 and his MBA from Harvard Business School in 1982. His current net worth is estimated at $1.9 billion, according to Forbes.
