May 8, 2023—Since JP Morgan Chase stepped into the midst of another bank crisis last week, observers are taking note of its CEO’s brand of stakeholder capitalism. For example, Emily Flitter writes in the New York Times that Jamie Dimon has become a champion of the “publicly championed the concept of ‘stakeholder capitalism,’ the idea that doing right by shareholders also involved treating communities, workers and customers better.”
As head of one of the world’s largest asset managers, Dimon is in a position to influence the state of capitalism. In 2008, he led JPMorgan’s acquisition of troubled competitors. It was a decision that helped save the financial system as a whole. This year, Dimon is acting once again as a savior as regional banks come under stress. A week ago, U.S. regulators broked the deal for JP Morgan Chase to take over First Republic Bank while it was on the brink of failure. That followed a $30 billion lifeline to the bank a month ago.
The New York Times took a closer look at the evolution of Dimon’s leadership at JPMorgan. In it, Emily Flitter covers the ups and downs. She writes, “Somewhere along the way, Mr. Dimon began filling in a missing piece of his public profile: the role of a statesman whose power and prestige transcended the single institution.”
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