Jamie Dimon recounted his day he was fired from Citigroup in a recent podcast. The Wall Street titan said being let go didn’t affect his self-confidence, but it marked a turning point in his career. Dimon had taken significant risks to prove himself, including betting half his net worth on Bank One and buying $60 million in stock.
In 1998, Dimon was called into a meeting with Citigroup’s Sandy Weill and John Reed, who told him they wanted to make changes to the team. The duo asked Dimon to resign, which he accepted after realizing it was already arranged by the board. When he returned home, he shared the news with his family, including his three young daughters.
Dimon recalled that their reactions were varied, but ultimately reassuring. His daughters asked normal questions like wanting to go to college and have a cell phone. After leaving Citi, Dimon hunted for his next challenge, meeting with Jeff Bezos and Home Depot executives. However, he didn’t find an opportunity that aligned with his “habitat.”
The turning point came when Dimon was offered to lead struggling Bank One. He bet half his net worth on the company’s stock, buying $60 million worth of shares. This move showed his commitment to the institution and proved he was willing to take calculated risks for long-term success.
Dimon’s actions that day demonstrated he was “100%, lock, stock and barrel” committed to Bank One. He wanted to show shareholders and the market that he made decisions based on what he believed was right for the company’s long-term health, not just short-term gains.
Source: https://fortune.com/2025/07/17/jamie-dimon-citi-bank-one-jpmorgan-chase