Self-inflicted reputational damage…
I don’t even have to do the math to figure this out. The increase in mentions about Jamie Dimon’s reputation is astronomical. Last year on May 14, there were nine mentions of Jamie Dimon with the word reputation. Fast forward one year and there are 3,160 mentions just today. The articles all have a similar ring to them… no surprise considering that the bank he leads lost over $2 billion on a trading error. Pretty soon, I expect they will be calling for his head.
“The reputation that Jamie Dimon honed for decades on Wall Street has been severely damaged in a matter of days.”
“…tainted the reputation of the bank’s high profile chief executive Jamie Dimon.”
“We made a terrible, egregious mistake,” said bank CEO Jamie Dimon, who had a reputation as a master of risk management.”
“So here you are Jamie Dimon. You have a sterling reputation. Why? Because people say he knows how to manage risk better than anybody.”
“A black mark for a survivor of the financial crisis.”
The one thing I can safely conclude is that the word reputation is firmly embedded in our lexicon. I used to notice the mention of reputation once in a while but in the past year “reputation” shows up everywhere. It has become ubiquitous. This is not because crises and scandals are skyrocketing which is how it feels every day but is not the case. We had as many scandals and crises just two or three years ago when the economy tanked. It is just clear to me that “reputation” is such an economic competitive asset, that it is its own form of currency today. Hence, it falls into the same rubric as dollars and cents. Reputation is definitely playing a larger role in what drives our economy. There is no doubt about it.