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

by Duff McDonald

In the midst of the most disastrous economic climate of Wall Street’s history, one executive has weathered the storm more deftly than any Jamie Dimon, chairman and CEO of JPMorgan Chase. In 2008, while Dimon’s competitors watched their companies crumble, JPMorgan not only survived, it made an astonishing $5 billion profit. Dimon’s continued triumph in the face of an industry-wide meltdown has made him a paragon of finance. In Last Man Standing, award-winning journalist Duff McDonald provides an unprecedented and deeply personal look at the extraordinary figure behind JPMorgan’s success. Using countless hours of interviews with Dimon and his full circle of friends, family, and colleagues, this definitive biography is by far the most comprehensive portrait of the man known as the Savior of Wall Street. Now, in an updated prologue, McDonald offers insight into the future of Wall Street and how Dimon will overcome the challenge of aggressive new regulation from Washington—and how he plans to continue to thrive as the world’s preeminent banker.

Genres: Business, Biography, Finance, Nonfiction, Economics, Leadership, History

372 pages, Kindle Edition

First published January 1, 2009

About the author

Duff McDonald is a journalist and the author of Last Man Standing, a biography of JPMorgan Chase CEO and chairman, Jamie Dimon. A contributing editor at Fortune magazine and the New York Observer, he has written for Vanity Fair, New York magazine, Esquire, GQ, Wired, and Time, and has been awarded two Canadian National Magazine Awards. He lives in New York.

Reviews

[Darshan Shetty · Rating 4 out of 5]

It is shame that this book was published in 2009 and not 2019 because Jamie Dimon and JPMorgan Chase have done incredibly well in the last decade.
The book is obviously a puff piece on Jamie Dimon and I am sure Dimon has some negative sides to him that was either conveniently left out or the author didn't want to dig those out.
However, I can certainly say that Dimon is a real operator, as real as they come - intelligent, cautious and straightforward.
There is a ton to learn from him and the author has done a great job of highlighting the traits that make Dimon such a "Sphinx-like" figure.
Being a CEO is not an easy job by any stretch of the imagination. While reading this book and the story of Jamie Dimon, I was constantly reminded that there is a difference between "Wanting to be liked" vs. "Wanting to be fair", and the latter commands more respect, both from your own self and the world.

I recommend this book 100%.

[Shu · Rating 4 out of 5]

“When you’re in a commodity business, the only way to thrive is to be a low-cost producer. And when you’re selling money, you’re in a commodity business.”

[Richie Gill · Rating 5 out of 5]

Exciting blow-by-blow account of Jamie Dimon’s career and recent JP Morgan history. It is a fitting follow up book to Ron Chernow’s House of Morgan.

[Andreas Novio · Rating 4 out of 5]

This book chronicles career journey of Jamie Dimon from his pupillage days with Sandy Weill building Citigroup, their infamous separation as mentor and protege and his comeback as CEO of Bank One and eventually JPMorgan, overtaking Citi as the largest bank in Wall Street. It is written in a fast, action-packed style, keeping me awake after midnight and leaving me late for work the next day. It describes Jamie in the best light possible with no little bias against his former mentor and his rivals he has left behind in his way to the top of corporate America. If you don't mind some self-aggrandisement, then you will be entertained by the gossipy stories at the highest level of Wall Street circles.

For the career-minded readers such as yours truly, there are many valuable business lessons one can learn from his story. One is the need to find successful leader to follow who gives you chance. Jamie is damn smart but if he didn't meet Sandy, he would probably still be a one- or two-down in his 55 years of age today (this is not what the self-indulgent book says though, it's just my own humble opinion). He was a maths and logic machine, with little EQ when he started his career. But this character flaw was tolerated by his colleagues because he got the backing of Sandy. This break gave him a chance to rise to the top game quickly on raw intellect and drive, and only after that, he devoted time to understand people and treat them better.

Another lesson is to play to your strength, and not to worry so much about your weaknesses. Jamie worked hard, doubly hard than all his colleagues, squeezing as much work as he can in 24 hours, and be disciplined about it. He integrated all the banks acquired by Sandy diligently. He didnt show any qualms about politics, about firing people, about being diplomatic and about what people thought of him. He just did what he knew best - make the bank worked, and efficiently at that.

One final lesson, to succeed in finance is not about making more than your competitors, but about losing less when the downturns come. And as we now all know, they always do.

[AK · Rating 5 out of 5]

I am surprised this book is not rated 5. Every banker, for that matter any person who has interest in business memoirs and corporate world should read this book. What a man, Jamie Dimon !!

The book is wonderfully written which covers the entire corporate journey of Jamie Dimon from American Express --> CitiGroup --> Bank One and JP Morgan Chase. What a journey it had been for this man, who was on hotline of Fed when the 2008 crisis happened and was the only trusted banker who could help Bear Stearns. The book also brings about human side of Jamie by covering large part of his carrier and his early days with his mentor, Sandy Weill. Such is the stature and aura of Jamie that even after party ways with him, Sandy Weill publicly accepted that it was his biggest mistake when he fired him from Citigroup.

I am sure one would fall in love with Jamie Dimon after reading this book. I am very thankful to Duff McDonald for writing this book.

[Duff · Rating 5 out of 5]

One of the best books I've ever read! This writer has verve, style, and erudition.

[Peter August Anker · Rating 5 out of 5]

Nest beste boken jeg har lest.

[Sid Prasanna · Rating 3 out of 5]

The author does a good job of charting Jamie Dimon's rise but he could've done with fewer kneepads.

[Kathy Scantle · Rating 4 out of 5]

I chose this book because I had heard that Jamie Dimon, CEO of JPMorgan Chase was one of the more responsible Wall Street leaders. Born into privilege, he attended undergraduate school at Tufts and received an MBA at Harvard (where he met his wife.) He was a Wall Street wonder in his early 30s where he was also the recipient of valuable mentors. He could be arrogant and bad tempered, however, those traits seemed to mellow through the years. Conflicts with one of his mentors resulted in his firing from Citigroup. He eventually would become CEO of JPMorgan. He was fortunate to listen to the advice of Stuart Black and Bill Winters in 2006 when he pulled back from all asset-back CDO underwriting and sold the majority of subprime mortgages originated by the bank during the year. These cautious moves and more resulted in the company being in good financial shape during the financial meltdown in 2008. He was able to buy Bear Stearns and WaMu. One egregious error JPMorgan Chase committed was in the purchase of Bear Stearns. Their offer was $2 a share. When they learned of the loophole in the contract (which their lawyers approved) which could result in Bear Stearns owning their company again, they renegotiated the sale at $10 a share. So much for my thinking from other "financial crisis" books I've read that the talent at Wall Street could fool the government. Everyone makes mistakes. I think the author did a good job in depicting the integrity of Dimon as well as the complexity of his position as a Wall Street CEO. This book was a good look at the financial crisis from the perspective and insights of Wall Street.

[Ayushi Aggarwal · Rating 5 out of 5]

The story of a man who lurked in shadows until the biggest crisis hit and the hero's ended up looking for shelter. His was the house to which they all turned to, the house which was living a disgraced existence over the last few decades and whose story the world used to remember when they talked about the crisis' of the older days. In the days when the Wall Street fell from grace, his was the moment to shine, the moment to restore to his house its past glories. And he rose up to that moment not by doing something extraordinary but just by doing the right thing. The right thing when the world was doing the otherwise. Not that he was invinsible, he made his mistake and took his share of hit for that but he didn't get swayed by what others were doing. He stood by his decisions, alone in a corner. Till the day when the mountains started to shake, from that day onwards he stood apart but this time on the top.
The book paints Jaime in the most humanly light possible, he's doesn't have some super human talents, just the traits we all admire hardworking, likeable, man who makes mistakes and accept them, man who apologies just to bury the hatchet, man who tried to do the right thing always.

[E · Rating 5 out of 5]

Fascinating – and flattering – profile of financial power

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.

[Felipe Marcilio · Rating 5 out of 5]

Great book about a great banker

Though too much unrestricted praise for Dimon, he surely is one of the top bankers the world has seen. Very good book, with much history of each of Jamie's career steps and phases, and also the details of the banks and the decisions that were made. The Epilogue is unnecessary, as the comparison between Jamie and Sandy is vain ... saying that Jamie is bigger (or vice-versa) is irrelevant and wrong ... both are who they are, and accomplished what they accomplished, because of each other (would Sandy be Sandy without Jamie's sharp mind? And would Jamie be Jamie if Sandy had not believed in him and gave him all the exposure to the core of banking in his early 30's?). Overall, a great book for anyone who wants to learn more about the banking industry, and one of its main protagonists.

[Pedro Morales D · Rating 4 out of 5]

Great insight about Jamie Dimon outstanding career, one of the greatest Wall Street bankers. Jamie discipline, hard work and leadership style help him to get to the top and managed JP Morgan in an incredible way through the 2008 financial crisis.

[Laurent · Rating 3 out of 5]

Fascinating, but should have focused more on the man... we kinda know that Hank Paulson was a lousy Secretary and that Bear Stearns was a mess.

[Ermicioi · Rating 5 out of 5]

Usually I get bored with some books that cover biographies or the history of people or events in finance, but this was pretty smooth. It didn't go into a lot of details that tend to bore one, it was sweet and on point. I also liked how some events were explaiend by making reference to some articles from back then related to Dimon, such as opinions by equity research analysts, and generally citing some executives from JPM and competitors.

The main takeway is that Dimon started very young in an executive position and his main philosophy was to build a cash cow to buy distressed assets in downturns - which is exactly what happened in 07/08, and which put him in the spotlight from a cost-cutter to an acquisition (read: expansion) executive.

He is also very intuitive to risk, but this is explained by his early experience in the industry that allowed him to make this 2nd nature in him. He also gives credit to his people (such as sending them articles where those are praised so they can put them in their offices and at home), he also tends to be evasive on some straightforward questions by answering from a different perspective that allows him and JPM to perserve its reputation (for example some "darker" realities pointed out by journalists or executives are then answered by Dimon to poining out to some correct answers but which may not be 100% sincere i.e. "that's our business" when pressed Lehman to pay some products knowing that will make them bankrupt).

But overall he is a great leader and clearly a role model for many Wall Street executives, that's the main takeaway from this book.

It also may be an overstretch to say that he became who he is because of luck (being associated wiht Sandy, perfect events that fit his philosophy taking place, and so on), but at the end of the day, it's just being at the right place and at the right time, and if you're someone as restless as Dimon with great work ethic, eventually, you'll end up in a place where some of your business philosophies can also be fructified.

[Eduardo Díaz Granados · Rating 5 out of 5]

The author does a marvelous job describing the ascent to prominence of such an interesting figure. Jamie Dimon demonstrates that you can succeed in life by doing what is right.
Here are a few lessons I got from the book:
1. Clarity, Consistency, Integrity, and Courage are key values in Dimon's success, perhaps in yours too.
2. Have your priorities clear. Dimon, for example, prioritized his family and people above anything else.
3. Discipline and Consistency will always pay off in the end, even if it is the "unsexy" thing to do.
4. Careful and thoughtful Planning, but fast and effective Execution.
5. Become a student of History. As Mark Twain said, "History doesn't repeat itself, but it often rhymes."
6. When making deals look for: The Business Logic behind it, The Right Price, and The ability to execute the deal.
7. You are nothing without others. Before starting to work, assemble your own "Dream Team."
8. Finally, I have learned from this book that you are allowed to make mistakes, but taking responsibility for them and looking for a way to recompense them and improve yourself is a crucial factor that differentiates good men and great men.

Overall, this is a wonderful book that allows you to gain insight inside the life of a man that has set new standards in the financial world. Highly recommended.

[Dez Van Der Voort · Rating 4 out of 5]

Writing: 4/5
Knowledge Gained: 4/5
Enjoyment: 5/5

This book is written as mostly an encomium to jamie dimon, giving excuses for dimon’s faults and highlighting his achievements. Dimon, owes most if not all of his career to his mentor, the legendary Sandy Weill. He also learned all his signature moves from Weill, such as cost-cutting, mergers and acquisition, and building financial IT technology, the back end of financial transactions.

Dimon’s modus operandi is cost-cutting, which usually means slashing pay, reducing perks (such as newspapers, and country club membership), and combining operations and layoffs, starting in the thousands. All the while, he did not do any of those things to himself. Sure, he’s great at increasing the bottom line (profits), but not so skillful at increasing the top line (revenues).

Reducing risk, however, is Jamie’s forte, reducing structured investment vehicles, but he didn’t reduce the risk enough so that he made JPM somewhat ahead of the pack, which in its entirety was failing, back in the 2008 financial crisis. The formula for dimon’s companies, is reduce risk, and leave some money in your pocket to buy when there’s a clearance sale in the market.

[Vaughn Robert Miller · Rating 5 out of 5]

The revelation of “fundamental research” as a pre-MBA consultant (knowing a business / industry top to bottom). “It’s a well-known maxim that one of the hardest things about running a business is to maintain the ability to say no and thereby save limited resources for the best opportunities. Over time, most companies simply lose their discipline.” Emphasis on execution over grand strategic goals. “Doing deals isn’t fun. The fun thing is actually building things.” Not “the kind of man who saves his breath to cool his porridge.” “ some debates are chicken or steak. It becomes time to eat.” Not paying for a bad consultant presentation in general skepticism of consultants (“substitute management”). The job of managers is to implement and manage things and understand the business - so don’t pay consultants to do that for you. War on perks. Early criticism for being only a cost-cutting zealot. “I’ve seen too many boards or management when their own businesses are doing poorly, they start to bullshit about M&A. People just fall into that.” Beware of “stacking donuts” in bolt-on / tuck-in acquisitions. Winning by not losing (Munger-esque). Preparation: “you don’t run a business hoping you don’t have a recession.” "All the great CEOs that I've ever seen have this characteristic: they spend a lot of time at 50,000 feet, they spend significant time—although hopefully not too much—on the ground, and not much time in between.” 3 things for M&A: business logic; price; ability to execute. Problems don’t age well - address them ASAP. 2008 letter to shareholders is widely acclaimed. Planted the to write an annual shareholder letter myself. Integrity and accountability. Early advice from Daniel Tully: “Son, it’s not just whether you tell the truth. It’s whether you even shave the truth.”

[Trung Nguyen Dang · Rating 5 out of 5]

Fantastic book. It's highly insightful on the banking industry in the US in the past 2 decades as well as on Jamie Dimon. The book is very well written and very thoroughly researched, with lots of quotations from books, articles, earning calls, annual reports, and quotes from people closed to the situation.
While some says the book paints a too rosy picture of Jamie Dimon, I find the author has done a great job of balancing the views by giving views from both sides of the camp always.
It's one of those I really struggle to put it down. It's the last thing I put away before I sleep and first thing I grab in the morning.
Highly recommended for anyone interested in banking industry, finance, investment...

[Shourya Paranjape · Rating 3 out of 5]

Although the story of Jamie Dimon is truly enchanting and interesting to read, I was not satisfied the way the author puts it. There are gaps in the narration, and I often found myself puzzled with some parts and how they are related to the story. Most of the stuff written in the book seems as if you're reading a news report rather than actual narration of Jamie Dimon's life and his achievements.
The style of writing is flawed but I thoroughly enjoyed the aspects of Jamie's hard work, intelligence ,style of leadership and emphasis on building stable businesses. I would not recommend this book if you do not have much familiarity with technical aspects of the financial sector.

[Kuok Liang · Rating 4 out of 5]

Wall Street and high finance is perceived by many to be cold, soulless and callous - and Jamie sits right at the pinnacle.
I enjoyed the humanising theme running throughout the book. It’s clear that Jamie prioritises loyalty above all else and most of his decisions are guided by this principle. Loyalty to his mentor, his companies, his family (including the family dog!).
It’s also exciting to have a serialised account of all the career risks and gambles that he had to take for him to end up where he is today.

[Gilad Levin · Rating 1 out of 5]

This is a real book of self-masturbation.
Jamie depicts himself as amazing at everything he does (including women falling to his feet and all the students being wowed by his questions in class), and doesn’t share real struggles. He also confesses (proudly) that he came from a “convenient” background. This is a man that was handed success from birth, with all of America’s riches being family friends and offering him opportunities. Not a lot to learn from it to apply to my own life. NOT RECOMMENDED.

[Suresh Nair · Rating 3 out of 5]

We read and hear about many Tech company executives. However it is rare for a financial company executive to be consistently in news, be respectable and taken seriously when he speaks. That's what made me read this book because Dimon's name keeps appearing regularly in the news.

This was somewhat too detailed for me so I skimmed through it. But for anyone interested in reading profiles/biographies of successful people or anyone interested in details of the 2007/8 financial downturn drama this is a good book.

[Harsh Tibarewala · Rating 5 out of 5]

Superb book. Never know of Jamie Dimon and what he has built to last. Based on the book, he seems like a genius in the current times on his ascent till JP Moran and the way he has handled things at JP Morgan afterwards. Especially 2008 crisis.

Some of his statements which stuck with me are :
1. "When you’re in a commodity business, the only way to thrive is to be a low-cost producer. And when you’re selling money, you’re in a commodity business".
2. The 1 technical legal mistake done at the time of buying Bear Stearns which was caught by stockmarkets the next day.

[Tirath · Rating 5 out of 5]

Read it first in 2010.
Fantastic book - so much to learn about culture, and personalities and how the core of a financial services business is often the culture and the process.

A great bio on Dimon.
The bits on how the 06-09 period was navigated were brilliant - and so was the empire building spree when he was with Sandy during Citigroup's formation.

Another interesting note is the low ROEs that the business has managed inspite of being so strong and revered.

[Mohit · Rating 5 out of 5]

There are two types of biographies that generally work. (A) Autobiographies - where you’re chasing the author’s voice and perspective. Or (B) where the author’s position is so remarkably aligned to the subject’s style, that the subject is brought to life in vivid colour. Last Man Standing wins at the latter, many times over. This is above and beyond all there is to take away from Dimon and his way of life. Solid gold.

[Delvin · Rating 4 out of 5]

I really enjoyed hearing Jamie Dimon’s life and career. It was great to read how he thinks, his character, his decision making, and his values. I love that he treats everyone fairly and demands fairness from everyone around him. I like his bluntness and courage to stick up for what is right. He’s truly a leader in every definition of the word. His company, country, and the world are better off because of him.

[Josh · Rating 5 out of 5]

Absolutely incredible! This book provides a flawless account of the journey of one of the most remarkable CEOs in modern history, Jamie Dimon. His story serves as a shining example that success is attainable while adhering to ethical principles and doing the right thing. They often say that one can learn a great deal about a person by examining their role models, and if that holds true, then I consider myself fortunate to count Jamie Dimon among mine.

[Niel · Rating 3 out of 5]

Decent read. The book has a myriad of insights and details about Jamie Dimon portraying him as on the most skilled leaders and bankers ever. Parts of the book, namely around the time when the 2008 crisis occurred, are financially technical and some of the details ended up going over my head. Otherwise, I enjoyed the read and learned a great deal about the kind of character Jamie Dimon is.

[Ravikanth Kandadi · Rating 5 out of 5]

Must read to understand the journey of Jamie to Top of banking domain, especially his ethics, integrity and hard working nature. His principles of building fortress balance sheet cultivates to expect the unexpected, which enable to make acquisitions. His annual letter reflects his patriotism and desire to uplift every section of society.