Last Man Standing: The Ascent of Jamie Dimon and Jpmorgan Chase

That's all I need to say

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 r

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.

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.

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.

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.