Jamie Daimon anti-cryptocurrency man

  • Jun 22 2022
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  • Analyst AZA
Jamie Daimon anti-cryptocurrency man

Jamie Daimon legend JP Morgan and anti-cryptocurrency man

This article will be giving us insights into how Jamie Daimon runs off of the largest financial institution in the world, JPMorgan Chase. Jamie Daimon went to Harvard Business School and he worked as a consultant at a consulting firm before he went to business school for two years. He realized he did not like being a consultant and in 1981 he went to work at Goldman Sachs as an assistant. When Jamie hires staff, he looks for particular characteristics, he looks for people who do their due diligence before the interview, which enhances his life as opposed to the other way round. He also likes people who tell the truth and people who can relate well with others. Jamie thinks things that destroy companies are bureaucracy and politics, according to Jamie bureaucracy drives out good people drive out innovation, and makes a person who is next to you a competitor rather than a collaborator, which creates politics within a company.

If you look at fortune 500 companies that failed, the majority of them were as a result of bureaucracy and politics. Collaboration does not mean everyone should agree, it means supporting one's decision whether you agree with them or not. When he was in business school he was told not to go to corporate America, he would not survive because he is very outspoken. When he was in high school he used to read Warren Buffett's partnership letters and that taught him not to allow spinning to the public, like reporting false earnings. Jamie always stays true to his board, shareholders, employees, and his customers. That clarity helps the company to know what they are trying to accomplish at all times. According to Mr. Daimon, tech has driven change throughout history. It is always at the root of businesses or institutions that changes societal culture.

Jamie's company spends billions of dollars on technology, they digitally move trillions of dollars every day, and the bank has fifty million people in their households. Soon they will be implementing online and Robot investing and all various things to link customers to their accounts. The commercial business is always going to be interesting. It's not the most important one, but it is at the Nexus of how a capitalist society functions. It provides services to private equity, venture capital, activism, banks, non-banks, and individual investors. They hire some of the best people from investment banking, sales, and trading. They also go to the best institutions in the world to search for them. Jamie believes that governments and regulators can't allow the existence of a global currency-based system, like cryptocurrency.

He doesn't care about cryptocurrencies because he's worried about their security, since his company moves a large amount of money daily. It does not matter if it can appreciate, but one day the government is gonna crash it, especially when it's used for terrorist activities when a lot of speculators lose their money and mostly because of its lack of control ability. He joined the business advisory board during the trump administration, that was his way of showing his patriotism and love for his country. He thinks America has all the food and energy they need, they have the Atlantic and the Pacific, they have the best military in the world, they have the best universities you can find, and the most robust financial markets in the world. He is pushing for comparative tax reform because if they would have implemented it in the previous ten years, there would have been around three trillion retained in the United States.

Five thousand companies had been bought by foreign companies because it's advantageous for foreign companies to own them and if they had a comparative tax reform that would have not happened. According to Jamie, mortgages are held back one to two trillion dollars because of the costs, lack of securitization, lack of servicing requirements, and because of litigations. Most of the mortgage underwriters are unwilling to provide mortgages to first-time buyers, young people, immigrants, prior defaults, and the self-employed. He advises the government to open the credit box a little bit. If they would have done that, in the past ten years there would be an additional five percent growth in the GDP. That would not have changed the risk at all for banks because they don't keep mortgages. During his management, in 2012 a trader in his company lost over six billion dollars for the bank and that was due to a hedge that was supposed to earn a lot of money during the recession.

They were short high yields and long risky investments. The government fined his company two billion dollars for the loss and Jamie was not pleased with that, since they remained profitable overall for the year. Mr. Daimon has dedicated his time to creating a work culture that is very respectful of women. He ensures that everyone in JP Morgan is treated with respect and trust, and in every meeting, they walk in, they must feel like they are welcome. He believes that people should go out of their way to make the reserved quiet person feel comfortable and when you have an environment of trust and respect people get to shine. JP Morgan's half of its direct reports are women, twenty percent of its direct reports are LGBT and thirty percent of all the top two hundred employees are women. He allows women to run major parts of the company like a credit cards, private banking, global equity capital, and more.

He always advises his employees to structure their time and reminds them that it's their job to take care of their body, mind, spirit, family, friends, and health. He will do everything in his power to help his employees, whether it's medical aid or other extra benefits, but he can't make up for the things that require his employees to do for themselves. He thinks most people who are frenzied have only themselves to blame because he has one of the toughest jobs but can manage his time. In 2014 he continued to lead JP Morgan even though he was battling throat cancer. People were impressed by his decision to stay at the helm of the company during that time and that he went public with it. what we can learn from Jamie is that he always gets up after every fall, and he is not afraid of change. He is a firm believer in equality in the workplace and has good moral values.

Jamie is a reader and always keeps himself informed and is an excellent leader, and that is proven by the success of JP Morgan. thanks for reading and good luck.

Jamie believes that governments and regulators can't allow the existence of a global currency-based system, like cryptocurrency.


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