Despite recent woes, Dimon still the ‘best manager’ on the Street

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It’s like clockwork. J.P. Morgan makes headlines for all the wrong reasons – trading losses, scandals, poor quarterly results – and verbal sparring breaks out between supporters and detractors of Chief Executive Jamie Dimon. And each time, it’s the people who have financial ties to J.P. Morgan who continue to back Dimon through difficult times.

First there was the “London Whale” trading fiasco, which cost the bank $6.2 billion and dozens of employees their jobs. Dimon was caught being less-than-forthright before Congress, yet he held his job while others close to him fell by the wayside.

Months later, activist investors tried to strip Dimon of his chairmanship. Fewer shareholders supported the measure than they did the previous year, before news of the scandal broke. Instead, three directors were pushed aside.

And now, just days after J.P. Morgan reported its worst quarter in nearly a decade, the first public board member reaction is what you might expect: adoration for Jamie Dimon. “He’s the best manager I’ve ever seen, and I’m old,” said 71-year-old board member Laban Jackson, who pointed blame at a group of “renegades” inside the firm’s Chief Investment Office. “He has, as we all do, flaws,” Jackson said of Dimon.

Why the ever-enduring support? There are hundreds of millions of reasons. In the third quarter of 2012, before litigation costs ripped through the bank’s balance sheet, J.P. Morgan booked a profit of $5.71 billion. That certainly makes the $380 million loss during this year’s Q3 a bit more palatable for people who have a vested interest in the bank. Just marginalize the ongoing legal problems and Dimon is back to being the top dog on the Street, shareholders and board members believe.

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List of the Day: Interview Pointers

Here are three easy ways to differentiate yourself from other candidates.

  1. Make comments suggesting you researched the company.
  2. Prepare specific reasons as to why you want to join the firm in question.
  3. Jot down a list of quantifiable career achievements.

(Source: Glassdoor)

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