Baffled by Reputation Lately
I have been trying to figure out why Jamie Dimon has not received as much reputation mud as you’d expect considering the fiasco over the trading loss JPMorganChase recently revealed. I am also trying to figure out how Ina Drew, the chief investment officer who resigned over the debacle, managed to keep such a low profile. I don’t recall her ever having made it to the Fortune’s Most Powerful List and yet she certainly had a big job. These two enigmas baffle me.
On the one count re Dimon, I think that his immediate response to the crisis saved him. He immediately owned the problem, publicly agreed that it was outrageous and took the blame personally. His response was in keeping with our public understanding of what kind of person he is — blunt, decisive and unequivocal. But I have to admit that he has managed to do what few others have managed in a crisis……evoke sympathy. There was an article I read last week about how he could not sleep, how he told his wife he had screwed up big and how he felt terrible having to let Ina Drew go (something like she was practically a sister). I actually felt bad for him. The other reason I think that he has managed to have his reputation stained but not decimated is that there are no customer stories where individuals are shown having lost their entire retirement savings or otherwise. When we watched those stories about what people lost with Bernie Madoff or people who lost their lives with the BP oil spill at Deep Horizon, it was crushingly real. I guess that’s the advantage of the CIO loss, it’s the bank’s money!
As for Ina Drew, in 2011, there were 21 mentions of her when I searched on Google. Just in the first five months of 2012, there are 7,570. Quite the uptick! She managed to keep such a low profile for such a powerful woman. And when I looked closer at those 21 mentions, only one had to do with her and that was about her compensation. Otherwise the mentions had to do with Ina’s or Drew’s or the Immigration and Nationality Act (INA). So basically, she had NO profile which is hard to believe. How did she do that? Not either a best dressed executive headline! (Did you see yesterday’s Best Dressed CEOs?)
I have no doubt that Dimon’s and JPMorganChase’s reputation have been hurt. But now is the time for them to “recover.” I hope they read my book. The first step after the spotlight somewhat ebbs is to focus internally and reassure employees that the future is ahead.