Shuli Ren, Columnist

Jamie Dimon Can't Wriggle Out of WeWork So Easily

The CEO took pains to develop close ties with the office-space company and its founder. That commitment could backfire.

September 25, 2019 at 5:18 AM UTC

Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. A former investment banker, she was a markets reporter for Barron’s. She is a CFA charterholder.

It’s not you, it’s We.
Photographer: Christophe Morin/Bloomberg

Provide news feedback or report an error

Site feedback:

Take our Survey

This article is for subscribers only.

Until recently, things were looking bright for JPMorgan Chase & Co. The lender emerged as a big winner from the global financial crisis; and under the leadership of Jamie Dimon, had managed to notch fast growth in retail deposits. The company’s share price has gained more than 200% since 2008, compared with 27% at Goldman Sachs Group Inc. and Morgan Stanley’s flat performance.

That shareholder support, as well as a strong balance sheet, has given JPMorgan space to expand its investment-banking operation, which still only accounts for about a quarter of its total revenue. JPMorgan’s IPO underwriting business in the U.S. trails Goldman and Morgan Stanley’s; so being named the lead bank for the blockbuster IPO of a $47 billion unicorn looked like a major coup.