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Jamie Dimon recounts his firing and comeback story

JPMorgan Chase CEO shares insights from his firing at Citigroup in 1998.

July 17, 2025 at 10:09 AM

When Jamie Dimon was fired from Citigroup, his daughters asked: 'Will we be homeless? Can I still go to college? Can I have your phone?'

Jamie Dimon shares details about his firing from Citigroup and subsequent rise at JPMorgan Chase.

Jamie Dimon reflects on his firing from Citigroup and comeback at JPMorgan Chase

In a recent podcast, JPMorgan Chase CEO Jamie Dimon looked back on his firing from Citigroup in 1998. Dimon explained that during a meeting with Citigroup executives Sandy Weill and John Reed, he was informed of planned changes and ultimately asked to resign. He recalled how his daughters reacted to the news, with one worrying about being homeless and another asking to keep his cell phone. Following his departure, Dimon faced a turning point, eventually leading him to Bank One in Chicago, where he made a bold investment in company stock to signal his commitment. Today, Dimon leads the largest bank in America with a personal net worth of around $3 billion.

Key Takeaways

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Jamie Dimon's firing from Citigroup was a pivotal moment in his career.

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His daughters' reactions reflected the personal impact of corporate upheaval.

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Dimon's investment in Bank One stock showed commitment and leadership.

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Today, he oversees America's largest bank with significant personal wealth.

"They said they wanted to make a few changes."

Dimon recalls how the announcement of his firing was introduced during the meeting with Citigroup leaders.

"I was going to be the captain of the ship, I was going to go down or up with the ship."

Dimon expressed his commitment to Bank One shortly after taking the position.

"It was like being at your own wake."

Dimon humorously described the atmosphere during his farewell from Citigroup.

"Life is what you make it."

This reflects Dimon's perspective on navigating life's challenges after being fired.

Dimon's experience illustrates the unpredictability of high-stakes corporate leadership. Being ousted from Citigroup, a prominent bank, could have marked the end of his career. However, Dimon's quick transition to Bank One demonstrates resilience. His significant investment in Bank One stock not only reflected his dedication but also helped restore confidence among stakeholders. This moment is a lesson in professional tenacity and strategic risk-taking, key qualities for leaders in today's rapidly changing financial landscape.

Highlights

Being fired taught me about resilience.
It's my net worth that changed, not my self-worth.
My daughters thought we might be homeless.
I put half my money in Bank One stock.

Concerns over corporate leadership stability

Dimon's firing from Citigroup raises questions about stability and decision-making in corporate leadership roles. Such events can impact investor confidence and public perception of financial institutions.

Dimon's journey highlights the importance of resilience in the face of corporate challenges.

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jamie dimon citigroup jpmorgan chase banking leadership finance business

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