Bank One Jamie Dimon Is the CEO Essay

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Bank One

Jamie Dimon is the CEO of Bank One and has been on the job for a few months. He has completed his first 100 days with the company and is now set to initiate a long-term turnaround strategy. In the first 100 days, Dimon met with managers from across the bank's different businesses and units in order to learn the problems that the company is facing. The purpose of this report is to analyze the current situation facing Dimon and Bank One, first by identifying the issues the company is facing, and then conducting an analysis of the key internal and external factors.

Dimon must address a number of different problems at Bank One. The commercial banking group is a mess, described as a set of "fiefdoms." There is no cohesion within the group. The incentive system emphasizes growing the loan bank, but not profitability. The commercial banking group uses a proprietary risk assessment system, and this has not performed well. This group lacks leadership.

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The investment management group is strong, but a relatively small part of the company. Retail banking suffers from poor documentation, which makes it difficult to assess risk. The auto loan business is in trouble due to bad credit and declining auto prices. Auto lending puts the bank in competition with automakers, who can use financing as a loss leader, something that drives down revenues and margins for banks involved in the business. Bank One has two online banking platforms, and that creates needless duplication. First USA is bleeding customers, for a number of reasons including payment processing issues, low customer satisfaction, and intense competition. The company's IT strategy is a disaster, with no centralized planning. Each group makes its own IT decisions. Bank One also lacked proper mechanisms for tracking performance. Expense control, therefore, is difficult.

Dimon faces a number of broader strategic issues as well. The company needs cash, and needs….....

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