The Dimon-Welch Comparison: CEO Daily

Good morning.

It’s Friday, so time for some feedback, of which I got plenty on my post suggesting JPMorgan Chase CEO Jamie Dimon has become the new Jack Welch.

A few respondents accepted my characterization, like L.T.:

“Jamie Dimon is most definitely the Welch of today…great piece!”

But because CEO Daily readers are an opinionated lot, most took issue with it, in one way or another. Some were Welch detractors, like D.L.:

“Referring to Jamie Dimon as the next Jack Welch is a serious disservice to Mr. Dimon. The cracks in the GE foundation that ultimately crumbled during Jeff Immelt’s tenure were already beginning, and in fact caused by many of Welch’s actions.”

Others took shots at Dimon, like J.S. and D.K below:

“Let’s remember JPMC’s role in the mortgage meltdown. I think they paid the largest fines of any of the banks, although they were better capitalized, so looked better than some of their peers….And the bank is the biggest financier of fossil fuel industry.”

“Presumably you read the WSJ piece about Dimon’s ties to and enabling of Adam Neumann. For me and many I know, that set of events, and even JPMC’s very willingness to underwrite the nearly-fraudulent WeWork IPO, has permanently sullied our formerly great respect for Dimon.”

And then there was this important point courtesy of L.G., who noted the Welch CEO factory was all male:

“The Jack Welch for the 21st century will need to be known for grooming female CEOs, too. Jamie is already doing this in his large and often little discussed stable of high-level female leaders, many in the C suite already. “

And H.C. saved his highest praise for the new Wells Fargo CEO Charles Scharf, whose appointment was the trigger for the post:

“Each Welch mentee had to stand on his own. Few covered themselves with glory. Scharf’s post-Dimon career has been stellar (Visa, BNYMellon). Wells Fargo shareholders, employees and customers just hope his luck doesn’t run out.”

More news below.

Alan Murray
[email protected]
@alansmurray

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