Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase |  | Author: Duff McDonald
Publisher: Simon & Schuster
Category: Book
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Rating:  25 reviews
Sales Rank: 143038
Media: Hardcover
Edition: First Edition
Pages: 352
Number Of Items: 1
Shipping Weight (lbs): 1.2
Dimensions (in): 9.6 x 6.4 x 1.1
ISBN: 1416599533
Dewey Decimal Number: 332.122092
EAN: 9781416599531
ASIN: 1416599533
Publication Date: October 6, 2009
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Product Description
In the midst of this disastrous economic climate, one executive has weathered the storm more deftly than any other: Jamie Dimon, chairman and CEO of JPMorgan Chase, considered the dominant fi gure on Wall Street. Dimon's eleventh-hour acquisition, in 2008, of fl ailing archrival Bear Stearns stunned the world. Even more incredible: JPMorgan's continued success in the face of an industry-wide meltdown that has seen its CEO become a paragon of finance.In Last Man Standing, award-winning journalist Duff McDonald chronicles Dimon's tumultuous rise: from his joining the legendary Sandy Weill at American Express fresh out of Harvard Business School to their building of Citigroup (and Dimon's unceremonious ouster) to his rescue of Bank One and, at the unprecedented age of forty-eight, his ascension to the top post at JPMorgan Chase -- a bank he transformed from a broken institution to the sine qua non of global banking in five short years. Upon gaining unfettered access to Dimon, McDonald spent countless hours interviewing him and his full circle of family, friends, and colleagues to provide an unprecedented and deeply personal look at this extraordinary figure. Moving beyond Dimon's "fortress" balance sheets, McDonald reveals a dedicated family man whose uncanny facility with numbers and tireless work ethic are complemented by fierce loyalty and an unrelenting aversion to offi ce politics. Dimon, for the first time, shares detailed insights on the heart of his business and management philosophies, and industry titans such as Weill and Warren Buffett offer their analyses of his career. At a time when Dimon's competitors watch their companies crumble, JPMorgan not only continues to weather the worst period in the history of Wall Street but is growing by leaps and bounds. The defi nitive biography of Jamie Dimon, Last Man Standing is by far the most comprehensive portrait of the only man in finance today who can be called an American hero.
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Showing reviews 1-5 of 25
 Fascinating - and flattering - profile of financial power October 12, 2009
Rolf Dobelli (Switzerland)
19 out of 19 found this review helpful
Duff McDonald's book covers a fascinating historical moment - the 2008-2009 Wall Street debacle - by profiling a pivotal character in the thick of it, Jamie Dimon, CEO of JPMorgan Chase. Having spent extensive time with Dimon, McDonald combines his reporting with published sources, Dimon's own writings and statements, and interviews with his associates, employees or relatives. McDonald covers Dimon's youth, business school education and evolving career. Dimon was a nonconformist in business school and politics, an astute lieutenant of his mentor Sandy Weill, and a pivotal figure in the financial crisis. Notably, he preserved JPMorgan Chase, bought Bear Stearns and helped lead the market back to stability. Readers interested in a critical take on Dimon may find the book too flattering, but if you want to see how the financial wars looked from the CEO's chair, getAbstract recommends this intriguing perspective.
The Definitive Account October 1, 2009
Daniel Briody (Connecticut)
17 out of 19 found this review helpful
This is a terrific book, beautifully written, and highly useful. If you want to really understand the banking business, and the people that make it work, this is the book to read. And it's not just for Wall Street insiders. And it's not a vanity piece for a banker on top of his game. This book has specific relevance to anyone who pays taxes in this country or has a bank account. McDonald had unprecedented access to Dimon and and he nailed it. Great book. Loved it.
Only the first of many chapters yet to be written about Jamie October 8, 2009
Thomas II (Chicago, IL USA)
26 out of 33 found this review helpful
There will be obvious bias in this review. I have been with the bank for over 12 years. Having met Jamie on a couple of occasions, his attention to detail blows my mind. Years ago, I was invited to participate in a focus group soon after Jamie took over as CEO of B1. We were at a conference room on the executive floor throwing around some ideas, "best practices". A day before, we had some system issues. During our meeting, Jamie walked in and briefly listened in on our meeting. He asked the group about the system issue and whether or not it was causing any customer service quality issues. He cared. I was fortunate to meet him on a couple of more occasions. Each time, I walked away more inspired. He has that effect on people. His drive and determination is infectious. You just want to sit there, listen to him; then, go back and try even harder. As a top executive, he never seems to look down or turn his back on the junior soldiers in the company. He cares. He listens. He motivates and inspires.
It's a good feeling working for a company where what I do everyday for our clients (despite being just 1 out of over 200,000) actually matters. No one here is insignificant. And every detail, every employee, matters. And that's a healthy culture for any business to have. I am proud to be part of this great company; proud of our leader and our management team's diligent handling of our bank's financial affairs; proud to have been able to help our clients during a very difficult period for our country.
Duff's account of Jamie's career is a must read for any aspiring manager/leader. From his detailed account of Jamie's early career to the more recent events, this book is an easy, addictive read. It's hard to put it down. Great job researching the stories, issues and conducting interviews. In the aftermath of this complex system meltdown, it is refreshing to read a book in which complex financial issues can be easily understood by anyone. Strongly recommended.
A must read October 4, 2009
C. J. Peirce (connecticut)
4 out of 6 found this review helpful
Kudos to Duff McDonald for providing insight into the life of Jamie Dimon and the business of banking. This book is a pleasure to read and gives us an opportunity to learn about and understand the impact of both in our world today. Put this on your "Must Read" list.
A Privilege - A Pleasure - An Honor - Magnificent!!! March 27, 2010
William Dahl (Redmond, OR)
2 out of 3 found this review helpful
I just finished Duff McDonald's "Last Man Standing - The Ascent of Jamie Dimon and JP Morgan Chase." This book should be required reading for every person in the financial services industry, anyone studying business in college, as well as entrepreneurs, M&A types, accountants, and investors. It's just a fantastic, incredible story - woven together by a master literary artist.
This is a tremendous biography. Yet, it's vastly more than that. It is a crucial contribution to the the burgeoning insights into the development of the financial services industry in the U.S. Moreover, it is a story about the development of character - human character - the character of a man (Jamie Dimon) whose life, intelligence, compassion and instincts continue to shape the landscape in America. In many ways, Dimon's life represents something that is lacking today in U.S. culture -- living role models for a younger generation to yearn to emulate.
The writing by Duff McDonald is balanced, provides the reader with a tremendous sense of Jamie Dimon as a human being, as well as financier/CEO. The writing has a pulse, provides a perspective into both the personal and corporate world - an existence that is often perplexing. The dimensions of struggle, insight, learning and persistence all resonate throughout this non-nonsense non-fiction account of one of America's true leaders.
The history of the development of the U.S. financial services industry is also quite detailed and anything but boring.
After Alexander Hamilton founded the Bank of New York - purportedly the first commercial bank in the U.S. in 1794- he had the industry to himself until 1799. About this time, his political rival Aaron Burr started the Bank of Manhattan. A banker named John Thompson started Chase National Bank in 1877. He named it after Salmon P. Chase who'd been President Lincoln's secretary of the treasury as well as Chief Justice of the U.S. Supreme Court.
J.P. Morgan & Company emerged in what has been referred to as the "gilded age" of American finance. Founded in 1871 by J. Pierpont Morgan and a Philadelphia banker by the name of Anthony Drexel. (P. 203).
The essence of the book is captured in the following paragraph from author Duff McDonald:
"After years of being considered a glorified number-cruncher who only knew how to cut costs, he was finally acknowledged as a leader who knew how to make a company grow. What's more, he was recognized s both a creative thinker and a man with the ability to shape the culture not just of his company but also of his industry and even the country itself. It says something about Wall Street today that only a few people command both the respect of their peers and the genuine curiosity of the outside world." P. 322
Of course the years as Sandy Weill's protege are well documented and shared frankly, yet with uncanny dignity. However, there are some lessons you can identify in the book that should serve readers requirement for a perspective on the real Sandy Weill, as evidenced by the following:
"Weill had acquired the dreaded CEO disease, which made him unable to hear anything but what he wanted to hear." p.115.
Sandy Weill, on the other hand, is proof that you should never underestimate the man who overestimates himself." p.130
The Dimon family's dedication to giving back to community is well documented in the book:
"The Dimons give generously from their family foundation as well as from their personal accounts. Jamie also gives gifts above and beyond annual bonuses to the people with whom he works closely, including his driver. And just like Sandy Weill, he has tried to spread stock ownership through every company he's run, from top to bottom, driven by a desire to see his colleagues get rich along with him." P.114
Dimon's insights into deal making and mergers and acquisitions activity are numerous, useful and characterized in the following:
"On a call with analysts in May, he tried, once again, to make explicit his view of acquisition opportunities. "There are three things that have to make sense," he said. "And they are not in order of importance. One is the business logic. There should be clear business logic to it. The second is the price. Sometimes there is a price at which you cannot make it pay for shareholders. And the third is the ability to execute. You have to be able to see clearly getting done what you need to get done, whether it is management or systems or marketing or culture or something like that. If those things make sense, you can then weigh and balance them. Meaning, if you have exceptional business logic and an easy ability to execute, you could pay a higher price. And conversely, if those things are a little more complex, you want a margin of error by getting a lower it price." Pp.216-217
The tidbits that Warren Buffet shares about Dimon are priceless: Here's a couple to chew on:
"Warren Buffett thinks Dimon separated himself from the pack by relying on his own judgment and not becoming slave to the software that tried to simplify all of banking into a mathematical equation. "Too many people overemphasize the power of these statistical models," he says. "But not Jamie. The CEO of any of these firms has to be the chief risk officer."
"You have to have somebody that's got a real fear in them of what can happen in the markets. They have to know financial history. You can't evaluate risk in sigmas." - quote from Warren Buffett p.232
Duff McDonald refers to sayings of Dimon as DIMONOLOGY. These are precious sentences of wisdom, uncommon sense, and the voice of both character and experience. Allow me to share a few here I particularly enjoyed, to whet your whistle:
"a consistency to performance, rather than someone chasing the flavor of the month," p. 206
"One of the toughest jobs of the CEO is to look at all the stupid stuff other people are doing and to not do them," p.214
"Everyone was trying to grow in products we didn't want to grow in," he later told a reporter. "So we let them have it." P.214
"There is one financial commandment that cannot be violated: Do not borrow short to invest long-particularly against `illiquid, long-term assets." "You know what sinks companies?" he asked an audience in late 2008. "Financing illiquid assets short." P. 230
"Well, sometimes you can't grow. Sometimes you don't want to grow. In certain businesses, growth means you either take on bad clients, excess risk, or too much leverage." P.231
"I don't want to be big and stupid. I want to be really good at what we do." P.240
"The issue is not just whether someone has the intellectual capacity to manage it. Someone must also have the desire." P.325
"Individual units may have volatile results, but the combination is more stable. P.324
"It is no surprise that a lack of corporate intrigue tends to go hand in hand with long-term success." P. 303
"He actually trusts the people working for him, and trusts, too, that they can learn from their mistakes, as he has learned from his own." P.304
"When talking of the most important things in his life, he once said, "My family, humanity, my Country, and the world. And way down here is J.P. Morgan." P.309
"A lot of those mark-to-market losses will end up being real losses," he'said. "They are real losses that are simply being recognized in the market before they're being recognized in expected cash flows." P.310
"What we aim for is continuous improvement. It's not like we think we get to a perfect place." P. 320
Problems don't age well; denying or hiding them guarantees that they will get worse. Bureaucracy, silos, and politics are the bane of large corporations; they must be combated vigorously and continually." P.160
No company has ever had much of a future by cutting costs. Success is measured by top and bottom-line growth." P.169
Review our businesses and what we're doing well organically. That kind of growth will get you a higher value for your shareholders. By the way M&A is risky and tough, so the discipline is different. You really need to think about the landscape, to ask yourself what's changing." Pp.173-174
"I think it's important that you're open-minded to other people's ideas." P.176
"Many of the previous decade's mergers had been nothing more than "stacking doughnuts"- the holes in the business that had existed before were still there." P.181
On large outsourcing contracts - "We want patriots, not mercenaries," p. `93
"open architecture" -- in which the firm's brokers were allowed to offer any number of funds, not just those from JPMorgan Chase." P.194
`If you admit your mistakes, Dimon's theory went, you save yourself the hassle of having your critics point them out to you." P. 196
"Every single risk you're taking can be broken down to its smallest components and therefore be better understood. All it takes is time and effort." P.197
As Duff concludes this volume, he shares the following:
"Jamie Dimon has emerged as a moral and managerial compass for both his industry and the country itself." p. 328 ----
Frankly, after 328 pages of absolutely wonderful investigative journalism, the obvious discipline of a superb historical biographer, and being immersed in the rare literary talents of a master story-teller (I am referring here to author Duff McDonald) -- I unequivocally agree!!!
To Jamie, Judy, family, colleagues and to Duff McDonald - It was a pleasure and a privilege to have the honor of reading about your lives. My sincere thanks. Your story shall endure with me.
To the reader - Buy This Book - One of the Best I've devoured in 2010 and likely to make my Top 10 for 2010. ENJOY!
Showing reviews 1-5 of 25
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