JPMorgan Chase
History
Inflection points
JPMorgan Chase was founded in 2000 (New York, United States). Every turn Acquired identified: founding, leadership changes, strategic pivots, crises, cultural moments.
Events and financial outcomes
JPMorgan uses its capital position to absorb two institutions during the financial crisis, while recognizing substantial legal and integration costs.
Event source: Acquired: The Jamie Dimon Interview (July 2025)
| Measure | FY2007 · 2007-12-31 | FY2009 · 2009-12-31 | Change |
|---|---|---|---|
| Revenue | $71.4B | $100.4B | $29.1B |
| Operating margin | — | — | Not available |
| Net income | $15.4B | $11.7B | −$3.6B |
| Operating cash flow | −$110.6B | $122.8B | $233.4B |
| Capital expenditures | — | — | Not available |
Reporting periods outside the event year; changes also reflect other decisions, market conditions, and accounting. Bank income statement: no cost of revenue; revenue is net interest income plus noninterest income. Margin ratios are not meaningful here.
Case question. Which revenue, cost, or capital decision could explain the outcome, and what evidence would separate its effect from changes in the market?
The story
The episode treats today's JPMorgan Chase as the product of a sequence of combinations, especially Bank One's 2004 merger with JPMorgan Chase and the crisis-era additions of Bear Stearns and Washington Mutual. Its central operating story is Dimon's conversion of a fragmented Bank One into a risk-disciplined platform.
Inflection points · grouped by decade
2000s
- 2000Leadership
Dimon takes over Bank One
He inherits a troubled, poorly integrated bank and begins consolidating systems, reserves, and risk practices.
[Acquired: The Jamie Dimon Interview (July 2025)]
- The episode describes multiple statement, processing, payment, and enterprise systems that had never been integrated.[Acquired: The Jamie Dimon Interview (July 2025)]
- 2004Acquired by
Bank One merges with JPMorgan Chase
Bank One shareholders receive 42% of the combined company; Dimon later becomes CEO.
[Acquired: The Jamie Dimon Interview (July 2025)]
- The hosts and Dimon frame the transaction as a merger of equals, with Bank One contributing much of the modern operating culture.[Acquired: The Jamie Dimon Interview (July 2025)]
- 2008Acquired co.
Bear Stearns and WaMu join the platform
JPMorgan uses its capital position to absorb two institutions during the financial crisis, while recognizing substantial legal and integration costs.
[Acquired: The Jamie Dimon Interview (July 2025)]
- Dimon describes acquiring Bear Stearns and Washington Mutual while raising fresh equity to preserve balance-sheet strength.[Acquired: The Jamie Dimon Interview (July 2025)]
2020s
- 2025Acquired covered
Acquired interviews Jamie Dimon
The conversation examines the operating system behind the modern bank.
[Acquired: The Jamie Dimon Interview (July 2025)]
- Acquired published the interview on July 16, 2025.[Acquired: The Jamie Dimon Interview (July 2025)]