The CEO of JPMorgan Chase & Co. (NYSE:JPM), Jamie Dimon, recently shared a personal anecdote about the day he was fired from Citigroup Inc. (NYSE:C) and the impact it had on his family and career.

What Happened: Dimon was unexpectedly asked to resign from his position at Citigroup in 1998, where he was the President, a moment that he described as a turning point in his career, during the Acquired Podcast last week.

Dimon was hosting potential candidates at his New York City apartment on a Sunday afternoon when he was summoned for a meeting with Citigroup’s Sandy Weill and John Reed. The executives asked Dimon to resign amidst some structural changes to the team, a decision that initially made no sense to him.

During the podcast, Dimon recalled how he broke the news to his wife and three young daughters at home, who were 14, 12, and 10 at the time. “Daddy…do we have to sleep on the streets?” asked his youngest daughter, to which Dimon said, “No, no, we’re we’re okay.” 

The middle daughter asked if she could continue going to college, while the eldest one asked for Dimon’s phone, saying “Great. Since you don’t need it, can I have your cell phone?

Following his dismissal, Dimon’s apartment was filled with about 50 senior managers from Citibank to mark his departure.

“I tell people it was my net worth, not my self-worth, that was involved,” said the JPMorgan CEO.

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Why It Matters: Dimon’s career trajectory has been marked by notable turning points. After his dismissal from Citigroup, Dimon had a close encounter with the tech industry. In 1999, he had a conversation with Amazon.com Inc.‘s (NASDAQ:AMZN) Jeff Bezos that nearly swayed him away from Wall Street. However, Dimon later invested half of his net worth in Bank One, purchasing $60 million in stock, a move that paved the way for JPMorgan’s top job.

Dimon’s early experiences in the stock market also shaped his approach to risk management. At 14, he bought his first stock and witnessed a 45% market crash within two years, a lesson that taught him to always factor in invisible risks.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.