Quotes from Patricia Crisafulli

If you are going to work with Jamie, do what you say you are going to do. The people he attracts and, more importantly, that he is attracted to are people who clearly get things done

having a strong balance sheet, making sure the right leaders are in place, and keeping costs in line as some of Dimon's other management qualities.

Among all of us there was a leadership philosophy expressed to the entire organization: If there is a problem and you tell me, it's our problem. If there is a problem and you don't tell me, it's your problem—and you don't want to have a problem!

On the last Saturday of every month, Rwanda goes to work for itself: clearing land, building classrooms, making roads. On these national days of community work, known as umuganda, most shops and businesses are closed. Umuganda is a national priority, and everyone is expected to participate.

If things go from bad to worse, with a recession resulting in higher unemployment—and therefore more loan losses and credit card delinquencies—then expect Dimon and his team to do whatever it takes. That's the attitude that Dimon brought to Bank One, where he took $5 billion in charge-offs and write-downs before finally staging a stellar turnaround

His philosophy hasn't changed: to get in front of the problem and tell the truth about what is happening. "If problems exist, recognize them and take corrective steps immediately.

When information doesn't flow, bureaucracy builds and departments become siloed. Stagnation is the inevitable result.

For Dimon steps such as taking write-downs when necessary and always preserving the quality of capital are part of "doing the right thing

Jamie likes to talk to people. He wants to know them and what they think. He believes that accurate information is essential for everyone: investors, employees, newspaper reporters.

the first thing is that a leader needs to be able to assemble and have a disciplined team. That discipline supports the whole team. It's the work ethic; it's the constant facts and analysis, constantly delving into it.

The escalation of home prices that had allowed refinancing to pay off more debt had stopped. With a decline in housing prices, overleveraged borrowers suddenly faced a mounting debt burden—and in the worst cases owed more than the house was worth.

Businesses make lots of mistakes, so part of the point of business is to analyze them, to correct them, to have some sense of urgency about it; to have a management environment where it's okay to acknowledge mistakes—that way you can fix them," Dimon added.

When his management team gathers, the focus is never on what is going well; it's on the handful of problems that need to be addressed.

I always said capital and conservative accounting are protection. So it's the preparation beforehand: capital, reporting, and liquidity," Dimon added.

Dimon was in his best Warren Buffett–inspired investor communication style: full, open disclosure, underscoring the risks involved, but also articulating the philosophy and reasons behind his decisions.

make sure information is shared broadly and problems are uncovered and thoroughly discussed.

The distinguishing thing about Jamie Dimon is that he is very sensitive to the operating issues. He believes in homogenizing systems. He believes in assuring that his management team has very high-quality people who work hard and are dedicated to the company for which they work

Jamie Dimon is in a position to scoop up assets on the cheap. That's how you create value for the long term.

As history has shown, what happens after the deal determines the ultimate success. It's one thing to make an acquisition, and another to integrate it well.

Three of his greatest characteristics are he's really smart, he has tremendous energy, and he'll get into the details with anybody on anything. Most people who get to the level that he is at are prone to be superficial when it comes to running the business; they don't have enough time or energy to get into the details," observed Harvard Business School professor Paul Marshall.

I don't always do it, but I like to do it in some cases. I have to decide when to do it.

From his office on the 48th floor, Dimon makes the rounds every day to committee members who are in New York, stopping by for conversations lasting three or four minutes. Those outside New York are apt to get a short phone call. Although Dimon uses electronic communication, his preferred mode is personal and when possible face-to-face. He doesn't waste time, but sees these micro-meetings as the most efficient way to following up on issues across the bank's six business units.

You really try to evaluate the risks and provide for them. Whether it's going to be a pleasant or unpleasant surprise, you try to evaluate the risk.