Looking for examples of good leadership in a business world filled with poor ones? Take another look at Jamie Dimon, JP Morgan Chase. This is not my first blog extolling his leadership style. As I look at the financial sector and study banks that are in ruins, I am reminded that somehow JP Morgan Chase avoided most of the worst of the mess. Further, Chase has come to the rescue twice to bailout companies that were sinking fast–Bear Stearns and Washington Mutual. And, look at what has happened to Citibank in the years since Dimon’s departure. Bottom line, Jamie Dimon is a tough love, direct leader who gets things done.
What still resonates from listening to Jamie Dimon last March as he talked about the economy and JP Morgan Chase, was his passion that decisions and strategies are ‘not measured by share price.’ His commitment is that “everyday we have to find a way to be a better company. Do that and the share price will take care of itself.” In the old economy, the economy that is in the midst of crumbling before us, share price drove everything. In the new economy, sustainable business is about building a better company everyday, and in every way. The days of shortsighted, price per share obsessive behaviors are over. The fact that Chase survived the recent financial meltdown, is a testament that stock price beholden leadership just does not work. Jamie Dimon may be a bit controversial, outspoken, and aggressive; but, he has demonstrated a passion for doing things the right way for the good of the entire organization–sustainable for the long haul.
The prompt for this commentary was triggered by an article in this weekend’s Wall Street Journal discussing winners and losers in this past business year. Jamie Dimon was listed as winner. I couldn’t agree more.