The Deal Magazine has just published its Third Annual Most Admired Corporate Dealmakersfeature.
Five dealmakers made the cut, including executives from 3M, Abbott Labs, Coca-Cola, and Hewlett-Packard — but we focus on J.P. Morgan Chase& Co’s Jamie Dimon.
Here are some quick highlights:
- “During 2008, after a Bear Stearns shareholder revolt forced him to raise his firm's initial $2 a share price to $10, Dimon paid $2.4 billion for the No. 5 investment bank in the U.S. In doing so, he scooped up Bear's securities clearing services, prime brokerage, energy trading desk and real estate at a 94% discount to the company's 2007 market capitalization."
- “For WaMu, Dimon paid $1.9 billion to receive $307 billion in combined assets and $188 billion in total deposits from what had been the country's largest thrift. The deal gave J.P. Morgan 5,410 branches and $911 billion in deposits."
- “The acquisitions vaulted J.P. Morgan past Citigroup and Bank of America to become the largest bank in the U.S. by market value, worth $160 billion. That compares with BofA's market cap of $135.5 billion and Citi's $113.3 billion. As one of the few big banks without serious mortgage problems, J.P. Morgan was also able to grow organically, particularly in the middle market."
- “In short, the dealmaking at J.P. Morgan during the crisis was unusually CEO-centric."
And my own Zen favorite:
- “Dimon articulated his merger philosophy in a 2001 interview with the Chicago Tribune: "Buying something is like going to war. You can't export your expertise unless you're in good shape yourself."
Full article can be found here.
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