JPMorgan Chase posted record earnings on Tuesday. Here's how CEO Jamie Dimon, who has a net worth of $1.7 billion, became one of the richest men in banking.
Dimon, 63, is a native New Yorker.
Dimon was born and raised in Queens, New York, Business Insider reported. He has an undergraduate degree from Tufts University and an MBA from Harvard Business School, according to Forbes.
After graduating, Dimon took a job at American Express, where he met his mentor Sandy Weill, according to Bloomberg.
Dimon is credited with helping to invent the megabank.
Dimon followed Weill from American Express to Citigroup, before Weill forced Dimon out of the bank over personal differences in 1998, Bloomberg reported.
During his time at Citigroup, Dimon was tasked with integrating the companies that Weill acquired into the larger bank, Bloomberg reported. Dimon focused on cutting costs, all the while buying stock in the firms he worked with.
Together, Dimon and Weill turned Citigroup into the world's biggest financial-services firm at the time, according to Bloomberg. Dimon later used similar tactics to grow JPMorgan Chase.
Dimon was fired from Citigroup in 1998, but he made $110 million selling the Citi shares he owned.
Dimon was later named the CEO of Chicago-based Bank One, and joined JPMorgan when it acquired Bank One in 2000, according to Bloomberg. He became the combined company's CEO in 2005.
Dimon was paid $115 million in salary alone between 1991 and 2015, according to Bloomberg.
Dimon's employers seem to have gotten a lot of bang for their buck, however. Bloomberg's Hugh Son and Pamela Roux called JPMorgan Chase the "best-run of the universal banks" in 2015. Under Dimon's leadership, it surpassed Bank of America and Citigroup to become America's largest lender, according to Bloomberg.
Dimon is significantly richer than his peers in the banking industry.
He's now estimated to be worth $1.7 billion, according to Forbes.
Dimon joined the three comma club in 2015, Bloomberg reported at the time.
"The odds are much, much lower for a bank CEO becoming a billionaire than a guy going to a hedge fund or private equity," said NYU Stern School of Business professor Roy Smith told Bloomberg. "The real lucre in this business has always been on the transactional side. The CEOs of Wall Street have to deal with litigation, regulation, and the relatively short tenures you have at the top of the pile."
Weill is one of the few other bank executives to become a billionaire, according to Bloomberg.
Chase's CEO spent some of his riches on an apartment on New York's Upper East Side.
Dimon purchased the Fifth Avenue apartment for $10 million, Vanity Fair reported.
The prewar building boasts a drive-through circular driveway, white-glove service, a concierge, private elevator landings, and 24-hour security guards and doormen, according to Forbes.
Forbes also called the building an "architectural treasure" that is "considered by many the Upper East Side's most distinguished address." It is also home to Travelers Companies CEO Alan Schnitzer and former United Nations diplomat Matthew Niemetz, according to Forbes.
Dimon also owns a "weekend house" in Bedford, New York.
Dimon purchased the home in 2004 after finalizing Bank One's merger with JPMorgan Chase, Vanity Fair reported. The house has 10 bedrooms and 10 bathrooms, and sits on 34 acres of land.
"Dimon is perfectly happy spending his two-week vacation there alone, making his own coffee and wandering around the local Target in his jeans," Vanity Fair's Bethany McLean wrote.
Dimon shares his wealth with his wife, Judith Kent Dimon.
The couple met as students at Harvard, according to Money Inc. At the time, Dimon was too poor to pay for their first date, so his future wife footed the tab.
They now have three daughters — Laura, Julia, and Kara — according to Vanity Fair.
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