Tomahawk, WI 07/03/2014 (Basicsmedia) – JPMorgan Chase & Co. (NYSE:JPM)floundered by 60 cents, as emotions played a crucial role in the day’s trade on July 2, 2014! JPM’s CEO, Jamie Dimon – a leader who had steered JPM through thick and thin, and helped it go through the ominous perils of the unfortunate Great Recession, is fighting for his life, battling throat cancer.
A memo has been forwarded to the employees and shareholders that harps on the fact that this disease is in a certain stage that indeed is curable! Dimon, a 58 year old hard task master commented that he hopes to remain involved, as and when he undergoes the worthwhile chemotherapy or radiation treatments. The 8 week treatment process is ought to begin at the New York based Memorial Sloan Kettering Hospital.
The CausesOf Concern
Sources have revealed that Dimon has been diagnosed with cancer in the throat and that in the adjacent lymph nodes in the right neck. Dimon has left no stone unturned to make sure that people, primarily investors, are reassured about his health. However, fraternities perceive that in the dire straits of his health, there might be unfortunate leadership concerns at JPM!
Lately, high rank officials and executives had departed from JPM, especially the ones who were considered as the potential successors of Dimon. The list includes the former Bank Head, Michael Cavanagh and the former Co-COO, Frank Bisignano!
Dimon – A Man To Depend On!
Dimon bore the onus of steering JPM into a success story after the bank’s image was tarnished, following a stunning and whopping $6 billion loss, triggered by inundating risky bets carried out on a whole lot of debt securities by a JPM trader in London.
The setback, often referred as the ‘London Whale’, consequently resulted in unsuccessful shareholder-campaigns in FY 2013; as a result, the jobs of a CEO and Chairman got separated. JPM also had to pay a whopping $13 billion to cover the losses notched from the sale of toxic mortgages in 2013. Dimon played a crucial role in negotiating every deal and proposed certain reformatory policies to the US Government to minimize chances of further financial crisis.
It goes without saying that Dimon is an asset to JPM; the shares tumbled even after JPMorgan Chase & Co. (NYSE:JPM)’s reassurance, and this depictsthe level of emotional dependence of investors upon Jamie Dimon.