JPMorgan CEO recalls his Citigroup firing: Shares meeting with mentor Sandy Weill

JPMorgan Chase CEO Jamie Dimon recently reflected on two of the most defining crises of his life and career during an appearance on The Master Investor Podcast. The first is his sudden firing from Citigroup in 1998 and, the second, a near-fatal heart emergency in 2020. The veteran Wall Street executive opened up about how a high-profile corporate setback reshaped his career path and how facing mortality left him at peace with his life and legacy.Jamie Dimon on unexpected Citigroup exitDimon recalled his 1998 termination as president of Citigroup as a turning point in his career. After playing a major role in building the financial giant alongside his mentor, Sandy Weill, Dimon was unexpectedly summoned to a meeting with Weill and co-CEO John Reed.“I was summoned to a meeting with Sandy Weill and John Reed and asked to resign due to organisational changes,” Dimon shared. As per a report by Benzinga, the sudden request left Dimon initially baffled. Upon returning home to share the news, his youngest daughter asked if the family would now have to “sleep on the streets”.Despite the public nature of the dismissal, Dimon emphasised that he refused to let the event compromise his identity. He said that the firing “affected my net worth, not my self-worth.” Shortly after his exit, around 50 senior Citibank managers gathered at his apartment to bid him farewell.Dimon briefly considered walking away from Wall Street after a 1999 conversation with Amazon founder Jeff Bezos, but ultimately decided to remain in finance.In 2000, Dimon invested $60 million—roughly half his net worth at the time—into Bank One, a bold move that set the stage for Bank One’s eventual merger with JPMorgan Chase, where he became CEO.Jamie Dimon on March 2020 heart emergencyBeyond corporate battles, Dimon recounted the emergency open-heart surgery he underwent in March 2020 to repair an aortic dissection, which is a life-threatening tear in the heart's main artery. Recognizing the severity of the condition, Dimon knew immediately that the odds were stacked against him.“I knew at that point in time that you know there might be goodbye. I told my wife, call the company and tell them exactly what’s happening so they can do what they got to do,” Dimon recalled. Dimon shared that the near-death experience brought a sense of peace, reflecting that while he had made mistakes throughout his career.Get the latest technology news and updates. Download the TOI App.