Do More With Reuters
Partner Services

UPDATE 1-Dimon's father joins Bear Stearns advisory unit

Sat Nov 7, 2009 5:11am IST
 
Email | Print | | Single Page
[-] Text [+]

* CEO Dimon's father joins Bear Stearns from BofA ML

* Latest in an effort to grow brokerage

* Dimon previously said wants to add 1,000 advisers (Adds age of Ted Dimon, background, byline, previous CHARLOTTE)

By Elinor Comlay and Joe Rauch

NEW YORK, Nov 6 (Reuters) - JPMorgan Chase & Co (JPM.N: Quote, Profile, Research) CEO Jamie Dimon's desire to expand his bank's brokerage unit has resulted in an unexpected new hire -- his dad.

Theodore "Ted" Dimon, 78, left Bank of America Corp's (BAC.N: Quote, Profile, Research) Merrill Lynch Global Wealth Management unit on Friday for his son's company, joining JPMorgan's Bear Stearns Private Client Services group as one of a six-member wealth advisory team, the bank said.

Ted Dimon, who began his career in 1953 working for his father as a stockbroker, will report to Michael Lee, who heads the group's New York office. Bear Stearns' private client business has 380 employees currently.

Its staff has expanded by 17 percent this year and the younger Dimon said at an industry meeting earlier this year that he wanted to hire up to 1,000 financial advisers to bolster its ranks.

"Our strategy there is to go to 1,000 of the top, top, top," he said at the Securities Industry and Financial Markets Association annual meeting in October, adding: "So if you're really, really good, call JPMorgan up and we'll be happy to hire you." (For more information, please double click here: [ID:nN27257290])  Continued...

India Investment Summit 2009
India Investment Summit 2009

Top executives and bankers discuss their own plans and the broader opportunities and challenges for India during the Reuters India Investment Summit in Mumbai and Bangalore.  Full Coverage | Blog 

Hugh Hefner
PLAYBOY SALE
An icon bows to changing times

With his Playboy Enterprises in talks to be sold for about $300 million, the 83 year-old Hugh Hefner will be giving up control over the iconic adult entertainment empire he founded that was instrumental in shaping society's opinions on nudity, sex and free speech.  Full Article 

Market Update

  • IndiaIndia
  • USUS
  • UKUK
  • Asia
  • Most Actives

SPECIAL REPORT

Himangshu Watts
India's food dilemma

Indian farms are failing to attract capital or talent, either from rich landlords or the students who graduate from agricultural universities.  Full Article | Related Story 

showcase

U.S. Recession
U.S. Recession

A trip through the epicenters of the American recession.  Full Coverage 

 
Central Banks Cautious
Central Banks Cautious

Reuters tracks the policies of the world's top central banks as the debate over global economic recovery rages on.   Full Coverage 

 
T P Raman
Column - RBI leads the world

Reserve Bank of India's approach ring-fenced the banking system.   Full Article 

 
Funding Blues
Funding Blues

A popular tactic used by Indian brokerages to raise money for rich clients is likely to be banned.  Full Article 

 
Not Enough Jobs
Not Enough Jobs

Venture capital creates jobs, but not enough.  Full Article 

 
Column - A Sweet Dream
Column - A Sweet Dream

There are good reasons for Ferrero to consider a combination with Cadbury.  Full Article