Can someone please elaborate on Jamie Dimon's career path?
He never was what we would call a front office banker or trader, was he? So how did he get to become CEO of JPM?
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The dude was the CFO of a firm that M&A'ed its way to becoming the Citigroup. He then became a CEO of a major bank that got acquired by the JPM. Dimon became JPM's COO after this acquisition.
Apart from that, you don't need to be a banker to manage bankers (which is a gross oversimplification of what a CEO does), same as you don't need to be an engineer or an industrial goods salesman to be a CEO of an industrial corp. Lots of CEOs and other top level execs jump around between industries. It's a career in itself (once you reach that level).
He helped Sandy Weill build Citi basically from nothing. He was basically being groomed to become a bank CEO ever since he graduated HBS.
More or less this. Had a chance to listen in when he provided his story. He had investment banking offers which paid more vs. working for Sandy, who said something along the lines of 'you'll learn' or 'you'll have more fun' and chose the latter.
He was Sandy's protege/mentee, and together built Citi through M&A and learned how to be an operator first hand. There was then a falling out of sorts (you can google and you'll see a couple diff POV articles and possible reasons why - generally it's regarding Jamie not promoting Sandy's daughter, and Sandy being put off by Jamie's ambition) and Dimon was cut. But then he joined Bank One which was then bought by JPM.
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