Jamie Dimon's Five Stages Of Grief

In 1969 Elisabeth Kubler-Ross suggested that a person confronted with a catastrophic loss will react with five stages of grief. Thirty-one years later, in 2000, Forbes found clear traces of the grieving process when one of the greatest businessmen of all-time, Bill Gates, watched a federal judge order that his company be broken up.

During the last year, Jamie Dimon, America’s most prominent banker, described as the last man standing and America’s least-hated banker following the horrific credit crisis, has fallen from grace thanks to the so-called London Whale $6 billion trading loss. Dimon, it seems, has also exhibited a full-range of emotions and, it appeared, tried to put an end to the saga with his annual letter to JPMorgan Chase & Co., shareholders, which was released on Wednesday.

Denial:

“A complete tempest in a teapot.” – Dimon’s original statement on April 13, 2012, when confronted with reports by Bloomberg News and The Wall Street Journal that his bank’s chief investment office was in a precarious position because of extremely large bets it made on credit derivatives.

 

Anger:

“I want to see the positions!” he barked, throwing down the papers, according to attendees. “Now! I want to see everything!” –The Wall Street Journal report on Dimon’s blow up in a conference room on April 30, 2012, when he demanded to see the actual trades made by the chief investment office.

 

Bargaining:

“We do believe that this was an isolated event … We will not make light of these losses but they should be put into perspective. We will lose some of our shareholders’ money—and for that, we feel terrible –but no client, customer or taxpayer money was impacted by this incident. Our fortress balance sheet remains intact … All of our lines of business remain profitable and continue to serve consumers and businesses.” –Dimon’s testimony to the Senate Committee on Banking, Housing and Urban Affairs on June 13, 2012.

Depression:

“I wish the world would sit down get their people together … we have so many things coming, it’s not going to fix, it’s just five more years pointing fingers, scapegoating, using misinformation and thinking we’re making a better system.” –Dimon’s remarks at the World Economic Forum on January 23, 2013.

Acceptance:

“These problems were our fault, and it is our job to fix them. In fact, I feel terrible that we let our regulators down … The London Whale was the stupidest and most embarrassing situation I have ever been a part of.” –Dimon’s reflection in his annual letter to shareholders released on April 10, 2013.