a. What is Dimon trying to accomplish in addition to learning about the situation at Bank One?
House of Dimon -
Dimon called the initial phase of his turnaround plan “boot camp,” emphasizing the early focus on tactics and execution. He planned to spend the bulk of boot camp—the first 100 days or so— learning the business, understanding the company’s problems, strengthening the balance sheet, and improving the operating margins. Longer-term strategic vision would take place in subsequent phases.
Dimon’s first objective was to understand Bank One’s lines of business, and he felt the best way to do that was to spend a lot of time meeting and listening to employees. Dimon recalled the process, "I wanted to totally immerse myself. I knew a lot about financial services, and although I had read a lot of analyst reports about Bank One prior to my arrival. I wanted to start fresh. I really did not know what to expect. The first thing I did was meet with lots of people—breakfast, lunch, and dinner, and in between.” He would say to them, “Give me the information you’re looking at.”
b. What signals is Dimon sending to the organization?
A House Divided
Judging by his machine-gun, thousand-word-a-minute a sentence, Jamie Dimon is in a very big hurry. He often speaks and moves so quickly that he occasionally frightens his midwestern colleagues; they will just have to live with it. Because Dimon inherited, a company so badly managed and foolishly constructed that if he has any chance of capturing what he sees as his rightful place among the world's great bankers, than he damn well better hurry.
Dimon's odds of restoring Bank One are fiercely debated by an investment community fatigued with financial services mergers that have yet...
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...much risk they’re taking and you don’t want to give it to them, they’re probably taking on too much risk. Give them the paper. ”