“One of the first things I did is,
I asked the leaders, How do you think you’re performing versus the competition?
The first thing you want leaders to do is recognise the truth,
the whole truth, and nothing but the truth.
A lot of them make excuses, but literally, and I’m really not kidding,
our margins were half of our competition’s.
I wanted people to acknowledge that our performance was terrible.
And then, when you dug deeper, it was terrible by branch,
it was terrible in expenses, it was terrible by product.
It was terrible on all these different levels.
To me, the first thing was just acknowledging that.”
– Jamie Dimon, Chairman and CEO, JPMorgan Chase,
defining reality when he first joined the company after being Head of Bank One