Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Global M&A market dropped by 15%, the lowest in a decade!

<ul><li>Deal volumes jumped by 21% to 191 while the values declined by 37% to USD 9.4 billion in <keyword id="20061151" type="General" weightage="20" keywordseo="April" source="keywords">April</keyword> compared to March 2024</li><li>Adani Group's three major domestic consolidations of around USD 2 billion in value marked 38% of the total deal values in April 2024.</li><li>Experts predict sustained momentum and growth in deal activities, supported by strong fundamentals and a conducive investment climate.</li></ul> In the dynamic landscape of Indian business transactions, the manufacturing sector has emerged as a beacon of value, while consumer retail reigns supreme in volume. April 2024 marked significant shifts in deal-making compared to the month before with a notable absence of billion-dollar deals. Overall deal volumes jumped by 21% to 191 while the values declined by 37% to USD 9.4 billion in April compared to March 2024, as per the latest <keyword id="20034170" type="General" weightage="20" keywordseo="Grant-Thornton-Bharat" source="keywords" meta.keywordsubtype="org" meta.entityname="Grant Thornton Bharat" meta.hostid="83" meta.entityid="Grant Thornton Bharat">Grant Thornton Bharat</keyword> Dealtracker report. The past month has witnessed a flurry of activity, with notable shifts and surges across various industries, offering a compelling glimpse into the evolving economic terrain. "Deal volumes increased in April 2024 marking the highest monthly volumes since May 2022. There were no billion-dollar deal but witnessed 12 high value (&gt; USD 100 million) deals amounting to USD 3.8 billion," said Shanthi Vijetha, Partner at Grant Thornton. <cmsannotation type="cmsannotation" annotationid="Adani Group leads M&amp;A activity" comment="subhead" text="Adani Group leads M&amp;A activity">Adani Group leads M&amp;A activity</cmsannotation> At the forefront of deal values stands the manufacturing sector, boasting an impressive tally of nine transactions amounting to a staggering USD 1,919 million. This surge is underpinned by two monumental deals, notably the Adani Group's strategic stake increase in Ambuja Cement and ACC, which was the most significant M&amp;A activity of the month. Adani Group secured a significant 7.5% stake in Ambuja Cements, injecting a substantial USD 1.8 billion into enhancing the manufacturing capacity of cement makers, signaling a bold step towards industry expansion and innovation. Overall, the group's three major domestic consolidations of around USD 2 billion in value marked 38% of the total deal values in April 2024. Despite this, the <keyword id="21645622" type="General" weightage="20" keywordseo="merger-and-acquisitions" source="keywords">merger and acquisitions</keyword> transactions saw the highest decline in value, dropping by 75 percent to USD 2.5 billion from USD 10.2 billion in March. This was mainly because of the absence of large-scale mergers like those seen in March. However, M&amp;A deal-making remained robust in April with significant domestic consolidations. "This month's activity, characterized by deal volumes spanning across breadth of sectors and by large deals by select players, illustrates a market that is both diverse and robust," observed Shanthi. <cmsannotation type="cmsannotation" annotationid="Private Equity landscape remains vibrant" comment="subhead" text="Private Equity landscape remains vibrant"><keyword id="19895041" type="General" weightage="20" keywordseo="private-equity" source="keywords">Private Equity</keyword> landscape remains vibrant</cmsannotation> The private equity transactions also experienced a slight decrease in value, reaching USD 2.666 billion, according to the report by Grant Thornton Bharat. However, with a total of 130 deals, the overall market landscape remains vibrant. The numbers indicate a clear shift towards enhanced number of investments while the size of the deals remains smaller compared to previous months. "The stable value of investments, despite the higher number of transactions, indicates a strategic adjustment towards spreading investments across various sectors, aiming to capitalize on emerging opportunities while mitigating large-scale risks," says the report. "The deal outlook for 2024 continues to remain positive as India stands at the cusp of a new era of growth and investment supported by a growing consumer market, a flourishing tech start-up ecosystem, and supportive government policies," concludes Shanthi Vijetha. Factors that could influence domestic markets in the near future include the outcome of Lok Sabha elections, global and domestic trends in interest rates driven by inflation, and supply chain dynamics. However, experts predict sustained momentum and growth in deal activities, supported by strong fundamentals and a conducive investment climate.

Volumes up, values down: April 2024 marks notable shifts in India's deal-making landscape

New Delhi: After two <keyword id="19945688" type="General" weightage="20" keywordseo="acquisitions" source="keywords">acquisitions</keyword> this year, India's second-largest IT services company <keyword id="19906778" type="General" weightage="100" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="268" meta.entityid="Infosys">Infosys</keyword> is on the lookout to scoop-up more firms and says the acquisition matching scale of recent in-tech buy is certainly a possibility. In an interview to PTI, <keyword id="24144" type="General" weightage="20" keywordseo="infosys-ceo" source="Orion">Infosys CEO</keyword> <keyword id="20115570" type="General" weightage="20" keywordseo="salil-parekh" source="keywords">Salil Parekh</keyword> said the company is keen on acquisitions in areas like data analytics, SAAS, and may look at some geographies within Europe, and the US. Asked if more acquisitions could be of the scale matching in-tech, which came with a price-tag of 450 million euros, <keyword id="20039787" type="General" weightage="20" keywordseo="parekh" source="keywords">Parekh</keyword> said, "Absolutely, I think those would be the size that we will look at in terms of scale, and given our structure we could do a few of those." Back in January, Infosys announced a definitive agreement to acquire 100 per cent of the equity share capital in InSemi Technology Services, a semiconductor design services company headquartered in India, for a consideration (including earn-outs, and management incentives and retention bonuses) totalling up to Rs 280 crore. A bigger acquisition followed in three months. In April, Infosys Germany, a wholly-owned step-down subsidiary, entered into a definitive agreement to acquire 100 per cent of the equity share capital in in-tech Holding -- leading provider of engineering R&amp;D services headquartered in Germany -- for a consideration of up to 450 million euros (about Rs 4,045 crore). "We have very good business in engineering services already within Infosys and then we did those two acquisitions, both of them in engineering services, one on semiconductor side and one on the automotive side... very strong businesses, and we feel quite good about expanding that footprint," Parekh said. Infosys is eyeing more acquisitions, he said, adding that the company is evaluating several firms. "We have a good balance sheet and good cash generation and now we are quite comfortable with the integration of acquisition in different areas. We have done engineering services, we will look at other areas... for example data analytics... may look at SAAS (software as a service) areas, and maybe at some other geographies in Europe, maybe the US as well," he said. Parekh, however, said a lot depends on strategic synergies, financial cost, cultural fit and integration aspects. "We are continuing to look, and we have things that are normally in the pipeline but those take their own time... there are a lot of discussions on strategic fit, on financial cost of it and cultural fit into the company and then how will we integrate them. Many of those discussions are ongoing and we will see what comes out," the Infosys top honcho said. On whether he is hopeful of closing more acquisitions this fiscal year, Parekh indicated that it is tough to put a timeline on the outcome of ongoing discussions. "It is difficult to say... we are evaluating several (of them). But to get a fit on the strategic parameters, financial parameters, culture, integration... all of it may not work out. But these two (InSemi and in-tech) happened relatively quickly... before that for some quarters we had not done anything. It is not a predictable thing, but the evaluation is ongoing," he said. According to the Grant Thornton Bharat Dealtracker Q2 2024 report, Indian dealmaking saw overall 501 deals, valued at USD 21.4 billion. The report said the second quarter of 2024 witnessed the highest quarterly volumes since the second quarter of 2022, while values declined due to the absence of big-ticket merger and acquisition transactions. Grant Thornton Bharat Dealtracker further said the merger and acquisition (M&amp;A) activity during the second quarter saw 132 deals worth USD 6.2 billion, marking a slight increase in volumes but a substantial 50 per cent drop in values. As per the report, domestic deals drove growth with volumes rising 29 per cent and values increasing 2.5 times compared to the first quarter of the current year. In contrast, cross-border deals experienced a decline, with volumes decreasing 24 per cent and values plummeting 85 per cent from the first quarter of 2024.

Infosys is keen on more acquisitions, says CEO Salil Parekh

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/kroger-plans-1-billion-by-selling-your-grocery-data-2023-2">Kroger</a> and Albertsons are facing off against the FTC in court over their proposed $24.6 billion merger.</li><li>The FTC argues the merger would reduce competition and raise grocery prices.</li></ul>The fate of the <a target="_blank" class="" href="https://www.businessinsider.com/how-kroger-albertsons-merger-impact-workers-shoppers-grocery-inflation-2022-11">largest supermarket merger</a> in US history hangs in the balance as an ongoing three-week hearing unfolds inside an Oregon federal courtroom.Supermarket giants Kroger and <a target="_blank" class="" href="https://www.businessinsider.com/where-kroger-and-albertsons-grocery-stores-overlap-2022-12">Albertsons</a> are duking it out in court against regulators who are trying to block the companies <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/ftc-states-sue-to-block-kroger-s-24-6-bln-albertsons-deal-1033106297">proposed $24.6 billion merger</a> over antitrust concerns.The chains argue that Kroger's acquisition of Albertsons would boost competition with behemoth retail rivals like <a target="_blank" class="" href="https://www.businessinsider.com/walton-family-sam-walmart-stock-billionaires-estate-planning-inheritance-wealth-2024-8">Walmart</a>, <a target="_blank" class="" href="https://www.businessinsider.com/canceled-costco-membership-bad-for-me-would-never-go-back-2023-9">Costco</a> and <a target="_blank" class="" href="https://www.businessinsider.com/amazon-aws-sales-guidelines-spread-doubt-about-openai-ai-capabilities-2024-8">Amazon</a>, while regulators from the <a target="_blank" class="" href="https://www.businessinsider.com/jeff-bezos-amazon-execs-signal-messaging-app-ftc-investigation-2024-4">Federal Trade Commission</a> allege the opposite, saying the deal is actually anticompetitive and would result in higher grocery prices for millions of Americans, as well as lower wages for workers.Both sides are currently making their case before US District Judge Adrienne Nelson, who will ultimately decide at the end of the hearing next month whether to approve the FTC's request for a preliminary injunction against the merger.Already this week, a <a target="_blank" class="" href="https://www.businessinsider.com/kroger-milk-eggs-prices-increased-beyond-inflation-executive-testifies-report-2024-8">Kroger executive's internal email about price hikes</a> for eggs and milk beyond the added costs from inflation has drawn scrutiny in the courtroom.If the judge overseeing the hearing ultimately rules in favor of the FTC, the deal between Kroger and Albertsons could end up torpedoed completely. A temporary injunction would put the merger on ice as the FTC holds a separate in-house proceeding over the deal before an administrative law judge."This merger will not occur if this injunction is in place," Kroger attorney Matthew Wolf <a target="_blank" class="" href="https://www.cincinnati.com/story/money/2024/08/27/ftc-kroger-albertsons-grocery-merger-update-federal-court-hearing/74887346007/">told</a> the court on Monday as the federal court hearing kicked off in Oregon.<div type="image" title="FILE PHOTO: Customers leave an Albertsons grocery store with their purchases in Burbank, California, U.S., July 17, 2012. REUTERS/Fred Prouser" height="2023" width="3000" msid="112932546" hostid="261" sizebytes="279094"></div>Wolf <a target="_blank" class="" href="https://apnews.com/article/kroger-albertsons-grocery-merger-ftc-9fdb26cc044ee21a7a486c03caae6a5d">said</a> that the FTC's internal administrative process is so drawn out that merger deals typically collapse before the proceedings are completed.In his opening statements to the court on Monday, Wolf <a target="_blank" class="" href="https://www.reuters.com/business/retail-consumer/us-ftcs-bid-block-kroger-albertsons-merger-heads-trial-2024-08-26/">argued</a> that the merger would instantly lower some prices for patrons at Albertsons stores, where company officials disclosed are up to 12% higher than Kroger's.The attempt by federal regulators to lower prices by blocking the merger shows that "they neither understand the industry nor the parties within it," said Wolf."Supermarkets are losing this food fight, and who are they losing it to? Walmart, Costco, and Amazon, among others," Wolf <a target="_blank" class="" href="https://www.supermarketnews.com/kroger/kroger-albertsons-get-their-day-court">told</a> the court.Albertsons attorney Enu Mainigi said that the retailer may be forced to close stores and lay off workers if the merger does not go through.The FTC's chief trial counsel, Susan Musser, <a target="_blank" class="" href="https://www.nytimes.com/2024/08/26/business/economy/ftc-kroger-albertsons-merger-court.html">argued</a> in her opening statement on Monday that the proposed merger "would eliminate the competition that shoppers and workers depend on in one fell swoop.""This lawsuit is part of an effort aimed at helping Americans feed their families," Musser <a target="_blank" class="" href="https://apnews.com/article/kroger-albertsons-grocery-merger-ftc-9fdb26cc044ee21a7a486c03caae6a5d">said</a>.Dozens of witnesses are expected to testify at the hearing over the next couple of weeks, including the CEOs of Kroger and Albertsons.<h2 id="90321246-9194-42a3-8a64-73496bafb64b">Regulators sued to block the Kroger-Albertsons merger deal earlier this year</h2><div type="image" title="Kroger" height="3456" width="5184" msid="112932542" hostid="261" sizebytes="999610"></div>In February, more than a year after Kroger and Albertsons announced the merger mega-deal, the FTC sued to block it.Attorneys general in Arizona, California, Illinois, Maryland, Nevada, New Mexico, Oregon, Wyoming and the District of Columbia all joined the FTC's lawsuit. The attorneys general in Colorado and Washington have also filed separate lawsuits in an attempt to halt the deal."Kroger and Albertsons are two of the largest supermarket chains in thousands of local communities throughout the country," attorneys argue in the FTC lawsuit. "In hundreds of those communities, the proposed acquisition would create a single supermarket with market shares so high as to be presumptively unlawful under the antitrust laws."The lawsuit alleges that "the proposed acquisition would also eliminate the substantial head-to-head competition between Kroger and Albertsons that exists today, which risks higher prices and lower quality for consumers."The FTC says in its lawsuit that the stakes for Americans are "exceptionally high" as the agency notes how grocery prices have risen significantly in recent years."The fierce competition between these two grocery giants has benefited millions of American consumers through lower prices for food and household essentials," the lawsuit says. "It has also benefited hundreds of thousands of grocery store workers who, as a result of competition for their labor, earn better wages and benefits."It continues, "If allowed to proceed, the proposed acquisition would destroy this competition, likely making it more expensive for millions of families to put food on the table."Meanwhile, Kroger filed a lawsuit against the FTC last week, arguing that the agency's administrative proceeding against the merger violates the Constitution while citing, in part, a <a target="_blank" class="" href="https://www.businessinsider.com/supreme-court-strips-sec-enforcement-power-financial-fraud-jarkesy-2024-6">recent Supreme Court ruling</a>."The merger between Kroger and Albertson's is squarely focused on ensuring we bring customers lower prices starting day one while securing the future of good-paying union jobs," Kroger CEO and chairman Rodney McMullen <a target="_blank" class="" href="https://ir.kroger.com/news/news-details/2024/Kroger-Files-Motion-to-Enjoin-the-FTCs-Administrative-Merger-Challenge/default.aspx">said</a> in a statement at the time."We stand prepared to defend this merger in the upcoming trial in federal court – the appropriate venue for this matter to be heard – and we are asking the Court to halt what amounts to an unlawful proceeding before the FTC's own in-house tribunal," McMullen said.Kroger operates more than 2,700 stores across 36 states under names including Fred Meyer, Dillon's and Smith's, while Albertsons controls more than 2,200 stores across 35 states under banners like Safeway, Shaws, and Acme.In 2022, Kroger and Albertsons generated more than $148 billion and $72 billion in revenues, respectively.As part of the proposed merger, Kroger and Albertsons said they would sell 579 stores to the grocery supply company C&amp;S Wholesale Grocers.

Inside the legal battle over the fate of the biggest supermarket merger in US history

<ul class="summary-list"><li>M&amp;A deals fell by over 30% this year, clocking in below $3 trillion for the first time in a decade, Bloomberg data shows.</li><li>Private equity spending on mergers is down 60% since in 2021.</li></ul>The dealmaking boom on Wall Street seems to be in the rearview mirror as mergers and acquisition values have fizzled to a 10-year low.The total value of deals made this year is clocking in at close to $2.7 trillion, down more than 30% from a year ago and falling short of the $3 trillion mark for the first time since 2013, <a href="https://www.bloomberg.com/news/articles/2023-12-19/dealmakers-to-miss-3-trillion-mark-for-first-time-in-10-years?srnd=markets-vp">Bloomberg data shows</a>. The slower M&amp;A market is largely a symptom of <a href="https://markets.businessinsider.com/news/stocks/barbenheimer-boom-private-equity-entertainment-deals-hit-5-year-low-2023-9">lackluster activity in private equity</a>. That's because buyout firms are less likely to make offers on companies given that it's been harder costlier to secure debt.PE firms have spent far less on acquisitions than they did in 2021. The numbers are down 62% from two years ago, when spending hit $1.3 trillion, according to Bloomberg.Another dampener on M&amp;As has been the fresh flood of uncertainty from the conflict in the Middle East. Meanwhile, high interest rates after a decade of virtually zero-cost debt has pinched all corners of the economy. The dealmaking malaise also arrives in spite of some blockbuster mergers in 2023, <a href="https://markets.businessinsider.com/news/commodities/oil-outlook-crude-mergers-production-boom-price-demand-energy-exxon-2023-12">especially in Big Oil</a>. Beyond the $69 billion Microsoft and Activision Blizzard deal, there was Exxon's $60 billion purchase of Pioneer, and Chevron's $53 billion takeover of Hess. Not to mention Permian Resources' $4.5 billion, all-stock acquisition of Earthstone Energy. Other deals, including Alaska Airlines' deal to buy Hawaiian Airlines and Cisco's decision to acquire Splunk, are moving ahead despite <a href="https://www.businessinsider.com/corporate-america-challenges-joe-biden-mergers-antitrust-ftc-lina-khan-2023-12">the Biden administration's antitrust stance</a>.

Mergers and acquisitions tumble more than 30% to fall short of $3 trillion for the first time in 10 years

<ul class="summary-list"><li>The FTC announced a lawsuit that blocks a merger between <keyword id="20279131" type="General" weightage="20" keywordseo="luxury-brands" source="keywords">luxury brands</keyword> Tapestry and Capri.</li><li>The FTC claims Tapestry's acquisition of Capri could make more affordable luxury bag options expensive.</li></ul>The <a target="_blank" href="https://www.businessinsider.com/twitter-employees-saved-elon-musk-ignored-orders-ftc-2024-2">FTC</a> is trying to stop a merger between brands Tapestry and Capri that would put labels <a target="_blank" href="https://www.businessinsider.com/coach-cool-again-gen-z-is-spending-more-luxury-brand-2023-8">Coach</a>, Kate Spade, <keyword id="20040782" type="General" weightage="20" keywordseo="Michael-Kors" source="keywords" meta.keywordsubtype="org" meta.entityname="Michael Kors" meta.hostid="261" meta.entityid="Michael Kors">Michael Kors</keyword>, Jimmy Choo, and Versace under one luxury house. <a target="_blank" href="https://www.businessinsider.com/tapestry-coach-owner-acquires-capri-holdings-versace-michael-kors-2023-8">Tapestry, Inc.</a>, which owns Kate Spade and <keyword id="20115195" type="General" weightage="20" keywordseo="Coach" source="keywords" meta.keywordsubtype="org" meta.entityname="Coach" meta.hostid="261" meta.entityid="Coach">Coach</keyword>, announced in August its intent to acquire <a target="_blank" href="https://www.businessinsider.com/michael-kors-net-worth-life-success-capri-holdings-2019-9">Capri Holdings</a>, which owns Michael Kors, for $8.5 billion. Regulators in the <a target="_blank" href="https://www.reuters.com/markets/deals/tapestry-merger-with-versace-owner-capri-gets-eu-japan-approval-2024-04-15/#:~:text=Tapestry%20merger%20with%20Versace%20owner%20Capri%20gets%20EU%2C%20Japan%20approval,-By%20Juveria%20Tabassum&amp;text=April%2015%20(Reuters)%20%2D%20Coach,the%20companies%20said%20on%20Monday.">European Union and Japan</a> are on board with the acquisition — but US regulators are taking a different approach. The FTC announced that it filed a lawsuit Monday to block the merger. The commission said in a <a target="_blank" href="https://www.ftc.gov/news-events/news/press-releases/2024/04/ftc-moves-block-tapestrys-acquisition-capri">press release</a> it believes the action would give Tapestry "a dominant share of the 'accessible luxury' <a target="_blank" href="https://www.businessinsider.com/guides/style/how-to-buy-a-birkin-bag">handbag market</a>." If Tapestry took over Michael Kors, the FTC claims, it would make the brand's luxury options more expensive. "With the goal to become a serial acquirer, Tapestry seeks to acquire Capri to further entrench its stronghold in the fashion industry," Henry Liu, director of the FTC's Bureau of Competition, said in the press release. "This deal threatens to deprive consumers of the competition for affordable handbags, while hourly workers stand to lose the benefits of higher wages and more favorable workplace conditions." Both Tapestry and <a target="_blank" href="https://www.capriholdings.com/news-releases/news-releases-details/2024/Capri-Holdings-Limited-Issues-Statement-on-FTC-Action-Seeking-to-Block-Proposed-Transaction-with-Tapestry-Inc/default.aspx">Capri Holdings</a> released statements opposing the FTC's accusations and vowed to fight the lawsuit in court. The companies disagreed with the FTC, saying that they operate "intensely competitive and highly fragmented industry." "The bottom line is that Tapestry and Capri face competitive pressures from both lower- and higher-priced products," Tapestry <a target="_blank" href="https://www.businesswire.com/news/home/20240422792070/en/">said in its statement.</a> "In bringing this case, the FTC has chosen to ignore the reality of today's dynamic and expanding $200 billion global luxury industry." Tapestry did not immediately respond to a request for comment. Capri Holdings directed BI to its public statement, and the FTC declined to comment further. The FTC, under the guidance of chair Lina Khan, has gone after a series of mergers and acquisitions over the past few years, including Microsoft's purchase of <a target="_blank" href="https://www.businessinsider.com/ftc-suing-to-stop-microsoft-activision-blizzard-acquisition-2022-12">Activision Blizzard</a> and Meta's purchase of <a target="_blank" href="https://www.businessinsider.com/ftc-sues-to-block-meta-from-buying-vr-company-within-2022-7">VR company Within</a>. Both of these lawsuits failed to block these purchases. This is the FTC's first lawsuit in the fashion accessories sector, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-22/us-sues-to-block-8-5-billion-marriage-of-coach-michael-kors?sref=yaJhKSOh">according to Bloomberg</a>. More recently, the agency filed a lawsuit to block the $24.6 billion merger of grocery chains <a target="_blank" href=" https://www.businessinsider.com/heres-how-much-retail-jobs-pay-from-amazon-to-walmart-2024-4">Albertsons and Kroger</a>, which it said was the "largest proposed supermarket merger in US history." The companies responded by pledging to sell hundreds of stores to competing grocery chain C&amp;S Wholesale Grocers.

Coach and Michael Kors merger sparks handbag wars as US FTC moves to block the deal

<ul class="summary-list"><li><keyword id="20214240" type="General" weightage="20" keywordseo="Jamie-Dimon" source="keywords">Jamie Dimon</keyword> has been the CEO of JPMorgan since 2006.</li><li>Under his leadership, the company's stock value has tripled.</li></ul><a target="_blank" href="https://www.businessinsider.com/jamie-dimon-commerical-real-esate-crisis-soft-landing-economy-jpmorgan-2024-2">Jamie Dimon</a>, the billionaire CEO of <keyword id="19947945" type="General" weightage="20" keywordseo="JPMorgan-Chase" source="keywords" meta.keywordsubtype="org" meta.entityname="JPMorgan Chase" meta.hostid="261" meta.entityid="JPMorgan Chase">JPMorgan Chase</keyword>, has led the massive finance company for the better part of the last two decades, driving its assets and stock value to new heights."In the midst of the most serious and far-reaching <keyword id="20154576" type="General" weightage="20" keywordseo="financial-crisis" source="keywords">financial crisis</keyword> since the 1930s — much of it caused by plain old avarice and bad judgment — Dimon and <a target="_blank" href="https://www.businessinsider.com/jpmorgan-chase-employees-describe-fear-mass-workplace-data-surveillance-wadu-2022-5">JPMorgan Chase</a> stood apart," Duff McDonald, an author and journalist, wrote of Dimon in his 2009 book "Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase," referring to the 2008 financial crisis."Much of the melodramatic coverage of Wall Street postcrisis has focused on its flaws — the hubris and the greed," McDonald wrote. "Jamie Dimon's story contains the opposites — the values of clarity, consistency, integrity, and courage. By sticking to them, Dimon has unquestionably become the <a target="_blank" href="https://www.businessinsider.com/recession-outlook-jamie-dimon-jpmorgan-us-economy-interest-rates-cut-2024-3">dominant banking executive</a> of his era."Here's a look at Dimon's career, from his stint as a management consultant to becoming the <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-awesome-life-2009-12">billionaire financier</a> propelling JPMorgan Chase's rise.Representatives for Dimon declined to comment for this story when contacted by Business Insider.<h2 id="f4994361-5956-4282-bd92-21827256b076">Born into the world of finance</h2>Dimon was born in New York City on March 13, 1956, one of three sons to Theodore and Themis (née Kalos) Dimon. His father was a stockbroker at Shearson who would eventually become an executive vice president at <a target="_blank" href="https://www.businessinsider.com/personal-finance/best-american-express-business-card">American Express</a>.After her sons went to college, Themis Dimon pursued a master's degree in psychology at Columbia University's Teachers College and volunteered at a preschool program.The couple, who were married for 65 years, died within 22 hours of each other, according to their 2016 <a target="_blank" href="https://www.legacy.com/us/obituaries/nytimes/name/themis-dimon-obituary?id=17681343">obituaries</a>.Dimon graduated from Tufts University, where he majored in psychology and economics. After a stint as a management consultant at Boston Consulting Group, Dimon earned his MBA from Harvard in 1982.<h2 id="b690fc5e-dbb3-442f-986c-afd30cbfa440">A banking whiz kid from the start</h2>Dimon's finance skills were clear from early on. At the behest of his mentor, the <a target="_blank" href="https://www.businessinsider.com/sandy-weills-greatest-hitsand-shocking-turnaround-2012-7">financier Sandy Weill</a>, he turned down offers from <keyword id="19906485" type="General" weightage="20" keywordseo="Goldman-Sachs" source="keywords" meta.keywordsubtype="org" meta.entityname="Goldman Sachs" meta.hostid="261" meta.entityid="Goldman Sachs">Goldman Sachs</keyword> and Morgan Stanley to accept a job at American Express after graduating from Harvard.When Weill left American Express in 1985, <a target="_blank" href="https://www.euromoney.com/article/b1fq6yftgm9nrv/the-bankers-that-define-the-decades-jamie-dimon-jpmorgan-chase">Dimon followed</a>. The pair ran Commercial Credit, a company they would build into the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/assessing-citigroup-insights-from-13-financial-analysts-1033212613">financial-services conglomerate Citigroup</a>.<div type="image" title="Jamie Dimon poses in front of a picture window in his office," height="1813" width="1800" msid="109087605" hostid="261"></div><h2 id="9d3cbea2-9339-4750-95be-77b6758fbb28">An unexpected ouster led to a key pivot</h2>Weill asked Dimon to resign in 1998 after 15 years of working together. Weill would later tell <a target="_blank" href="https://www.nytimes.com/2010/01/03/business/economy/03weill.html">The New York Times</a> it was because Dimon wanted to take over as CEO but he wasn't ready to retire. Weill told the Times he regretted that the conflict led to Dimon's ouster.On an episode of the "<a target="_blank" href="https://anchor.fm/blamo-media/episodes/Jamie-Dimon---Chairman-and-CEO-of-JPMorgan-Chase-egn5as">Coffee with The Greats</a>" podcast, Dimon said he was "<a target="_blank" href="https://www.cnbc.com/2020/07/21/jpmorgan-ceo-jamie-dimon-on-being-fired.html">totally surprised</a>" by his firing from Citigroup. He considered jobs at Amazon and Home Depot but ultimately became CEO of Bank One in 2000, which at the time was the nation's fifth-largest bank. Eventually, it would merge with JPMorgan.<h2 id="20532da9-ccdf-4c5f-89f6-ecfdc5cca44f">JPMorgan's <keyword id="20035800" type="General" weightage="20" keywordseo="merger" source="keywords">merger</keyword> with Bank One saw Dimon's power surge</h2>When JPMorgan merged with Bank One in 2004, Dimon became the new banking giant's president and chief operating officer. He would later become the bank's CEO in 2006.Dimon quickly slashed expenses across the board, McDonald wrote in his biography. He ended the practice of the bank's corporate wing paying for clients to attend the US Open tennis tournament, canceled a $5 billion contract with <a target="_blank" href="https://www.businessinsider.com/how-to-get-job-without-college-degree-amazon-intel-ibm-2024-3">IBM</a> for computer-management services, and cut regional managers' compensation by as much as 50% over the next two years."He's going down like cod liver oil," <a target="_blank" href="https://www.bloomberg.com/news/articles/2005-03-27/dimons-grand-design">Bloomberg</a> reported one banker said of Dimon's approach. McDonald wrote in his biography of Dimon that another unnamed banker said, "The news that Jamie is flying in is similar to being told that Ivan the Terrible is coming for tea."<div type="image" title="Jamie Dimon gestures with his right hand as he speaks into a microphone." height="1826" width="2500" msid="109087606" hostid="261"></div><h2 id="afbd7198-8c13-4af3-bd54-533fe30dba48">His demanding leadership has proven valuable over the years</h2>In 2008, Dimon played a key role in rescuing major banks from collapse amid the <a target="_blank" href="https://markets.businessinsider.com/news/currencies/jamie-dimon-jpmorgan-bitcoin-crypto-recession-inflation-fed-rate-cuts-2024-1">financial crisis</a>. JPMorgan purchased Bear Stearns for $10 a share and also acquired Washington Mutual, which at the time was the largest US savings and loan institution, <a target="_blank" href="https://www.nytimes.com/2023/03/30/business/jamie-dimon-silicon-valley-bank-collapse.html">The New York Times</a> reported."<a target="_blank" href="https://www.businessinsider.com/quit-dream-job-jpmorgan-banking-not-for-me-singapore-2023-11">Jamie was demanding</a>. He was relentless," Theresa Sweeney, his assistant from 1993 to 2000, is quoted as saying in McDonald's biography. "And he always wanted the one thing I hadn't done. I'd walk in there with my pad of paper and he'd give me 10 things to do. I'd go back to my desk. An hour later, he'd call me and I'd have already done nine of them. And he'd ask for the tenth. And he pounded and pounded and pounded until you got it done. By the third time he asked for something, you better have been at a funeral, because that was the only acceptable excuse for not having it finished."Under his leadership, and due largely to its strategic partnerships and acquisitions, <a target="_blank" href="https://markets.businessinsider.com/stocks/jpm-stock">JPMorgan's value</a> has skyrocketed, becoming the leading American bank in terms of domestic assets, market capitalization, and stock value.<h2 id="edc949a9-1236-41d4-9447-8f5209c21a61">College sweethearts became parents to 3 girls</h2>Dimon married his college sweetheart, Judith Kent, after meeting at Harvard. They have three daughters together: Julia, Laura, and Kara Leigh.Kent went to Tulane University for her undergraduate degree before receiving a master's in organization psychology from the Catholic University of America and an MBA from Harvard. She worked alongside Dimon at American Express as a management trainee shortly before they married, a 1983 wedding announcement published in <a target="_blank" href="https://www.nytimes.com/1983/01/16/style/judith-e-kent-to-be-wed-to-james-dimon-in-spring.html">The New York Times</a> said.Dimon has had a few health scares over the years, including a battle with throat cancer in 2014 and emergency heart surgery in 2020 after he was diagnosed with an <a target="_blank" href="https://www.businessinsider.com/inside-jpmorgan-after-jamie-dimons-emergency-heart-surgery-2020-3">aortic tear</a>, <a target="_blank" href="https://www.wsj.com/articles/jpmorgans-jamie-dimon-and-his-brush-with-death-you-dont-have-time-for-an-ambulance-11608821876">The Wall Street Journal</a> reported.<div type="image" title="Jamie Dimon and his wife, Judith, walk across the White House's marble floor, dressed in black tie event attire." height="2200" width="3300" msid="109087608" hostid="261"></div><h2 id="2fb97667-4026-4040-b032-ea9682504d34">A longtime political donor, Dimon has considered a run for office himself</h2>For many years, Dimon was a <a target="_blank" href="https://www.opensecrets.org/search?q=jamie+dimon&amp;type=news">prominent donor</a> to the Democratic Party. Though he labeled himself as "<a target="_blank" href="https://web.archive.org/web/20120615224516/http://www.politico.com/blogs/politico-live/2012/05/dimon-im-barely-a-democrat-123290.html">barely a Democrat</a>" in 2012, his political ties to the Obama administration led to speculation he would be named secretary of the Treasury. The position was ultimately given to Timothy Geithner.In 2016, he joined a business-advisory forum assembled by then-President Donald Trump, though it disbanded roughly a year later. Dimon supported several of Trump's jobs and tax policies but publicly disagreed with him on matters of immigration and international trade.He briefly considered running for president in 2018. Though he ultimately decided against it, <a target="_blank" href="https://www.marketwatch.com/story/this-is-the-most-prosperous-economy-the-world-has-ever-seen-says-jamie-dimon-and-its-going-to-continue-2019-11-10">MarketWatch</a> reported that he said, "I thought about thinking about it."The billionaire hedge-fund manager Bill Ackman encouraged Dimon to consider a presidential bid in 2023, <a target="_blank" href="https://www.forbes.com/sites/mollybohannon/2023/06/05/jpmorgan-ceo-jamie-dimon-wont-run-for-office-bank-says/?sh=7ee94ed0274a">Forbes reported</a>. The outlet also said Dimon expected to lead JPMorgan for at least 3 ½ more years.Though he hasn't made any moves toward a campaign for public office, Dimon told <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-05-31/jpmorgan-s-jamie-dimon-says-maybe-one-day-i-ll-serve-my-country?srnd=premium">Bloomberg</a> last spring, "I love my country, and maybe one day I'll serve my country in one capacity or another."<h2 id="80294a82-a09c-4abc-b90b-470ddbf8c20a">Dimon's continued bank-saving has led to record JPMorgan profits</h2>Dimon reprised his role as bank-saver in 2023, The New York Times reported, working as a partner with Treasury Secretary Janet Yellen and the Fed chair Jerome Powell to convince leaders of 11 major banks to pitch in $30 billion to prevent First Republic Bank from collapsing in the wake of <a target="_blank" href="https://www.businessinsider.com/us-government-bails-out-silicon-valley-bank-depositors-fdic-2023-3">Silicon Valley Bank</a> and <a target="_blank" href="https://www.businessinsider.com/signature-bank-shut-down-by-regulators-depositors-bailed-out-2023-3">Signature Bank</a> failing in rapid succession.In doing so, Dimon was "acting as a senior statesperson who is helping to shore up the <a target="_blank" href="https://www.businessinsider.com/san-francisco-far-worse-shape-new-york-jpmorgan-jamie-dimon-2024-1">financial industry in a time of crisis</a> of confidence," Mike Mayo, a longtime banking analyst, said to the Times. "With that comes potentially higher prestige but also potential backlash."But so far, the backlash hasn't come.Per <a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://fortune.com/2023/10/27/jamie-dimon-jpmorgan-ceo-first-stock-sale/">Fortune</a>, JPMorgan's stock value has tripled since Dimon became CEO, and <a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://www.bloomberg.com/news/articles/2024-01-12/jpmorgan-just-made-more-annual-profit-than-any-us-bank-ever">Bloomberg</a> reported that in 2023, the bank recorded the largest-ever annual profit among US banks, pulling in nearly $50 billion.<h2 id="c60edf85-9274-4e6e-843d-a5f1bc65d20d">Dimon may be retiring sooner than expected</h2>During a Q&amp;A with investors on Monday, <a target="_blank" href="https://www.businessinsider.com/jpmorgan-ceo-jamie-dimon-hints-retirement-2024-5">Dimon suggested his retirement</a> may be on the horizon.While in the past Dimon joked he would retire in five years, when asked about his succession plan this time the 68-year-old said the timeline was "not five years anymore."The longest-running CEO on Wall Street also said the plan to identify his replacement was "well on its way," and that he could potentially stay on as chair.Note: This story was originally published April 2024 and has since been updated.Correction: April 9, 2024 — An earlier version of this story misstated the name of the bank JPMorgan merged with in 2004. It's Bank One, not One Bank.

You Searched For "Merger and acquisition" and got 7 results

Global M&A market dropped by 15%, the lowest in a decade!

Prerna Tyagi

Volumes up, values down: April 2024 marks notable shifts in India's deal-making landscape

Deekshith Pinto

Infosys is keen on more acquisitions, says CEO Salil Parekh

PTI

Inside the legal battle over the fate of the biggest supermarket merger in US history

Natalie Musumeci

Mergers and acquisitions tumble more than 30% to fall short of $3 trillion for the first time in 10 years

Aruni Soni

Coach and Michael Kors merger sparks handbag wars as US FTC moves to block the deal

Hannah Getahun

Jamie Dimon, CEO of JPMorgan Chase, just hinted at retirement. Here's how he became an iconic billionaire banker.

Katherine Tangalakis-Lippert

Popular Keywords

Buying Guides