The CEO of JPMorgan Chase & Co. has joined the billionaire club, according to the most recent report by Bloomberg News.
Jamie Dimon, the assembler of Citigroup Inc. and now head of JPMorgan, has a net worth of $1.1 billion, derived primarily from a $485 million stake in the bank where he has been a chief executive officer since 2005. His investment portfolio was seeded by the profits he incurred from sales of Citigroup stock.
While many media outlets have been heralding his “unconventional” path to billionaire-hood by noting he didn’t take the track of most billionaires (who start businesses or head investment funds), it’s worth noting Dimon’s success was built on the backs of consumers, homeowners and taxpayers. Neither he nor his company suffered any significant losses as a result of their role in creating the financial crisis that nearly led America into another Great Depression.