Jamie Dimon

Did we all just mishear Rihanna when she told us to “Shine Bright Like a Diamond,” or Shirley Bassey when she told us “Diamonds Are Forever”? Either way, there’s little debate that if the J.P. Morgan Chase leader were a jewel, he’d be the Koh-i-Noor. 

“I’m so proud of our people across the firm who have done an exceptional job delivering advice, credit and solutions to our commercial real estate clients when they need it most,” Jamie Dimon told Commercial Observer. “We’re committed to being a source of strength for our clients and communities as they navigate the current market conditions.”

We’ll say. The biggest U.S. bank continued to demonstrate its strength throughout the past year’s market volatility — and its CEO was a calm voice in the squall. 

After leading the charge to stabilize First Republic last March via a $30 billion banking syndicate, J.P. Morgan eventually stepped in to acquire the regional bank for $10.6 billion in April 2024, helping to prevent a full-blown crisis in an already beleaguered lending market. Since then, Dimon has been a steady force in commercial real estate banking, setting an example for others when it comes to what investors can achieve with a “fortress balance sheet,” a term Dimon coined.

In 2023 — while others headed for the hills or ducked for cover — J.P. Morgan generated record revenues for the sixth year in a row — to the tune of $162.4 billion — and set records in multiple business lines. Overall, the bank grew its market share across the board. 

In the first quarter of 2024, the good news train kept rolling, with J.P. Morgan reporting net income of $13.4 billion, and “exceptionally high” common equity tier 1 capital. In an earnings report, Dimon said the bank’s returns allowed it the “capacity and flexibility to both reinvest for growth and maintain an attractive capital-return profile.” 

When Dimon speaks, markets listen. He doesn’t sugarcoat the sour pills and recently cautioned that while the U.S. economy is in good shape, he errs “on the cautious side” of predicting a soft landing as the market continues to endure higher-for-longer interest rates. In the same interview, at the Economic Club of New York, Dimon told the crowd, “I’ve always said I’d love to be president, but you’d have to anoint me, folks,” the Financial Times reported. So … food for thought, people. 

In other news, construction topped out last fall at J.P. Morgan’s flashy new HQ at 270 Park Avenue — surely a fitting new jewel in the crown of New York City.