Editor’s note: This article as originally published in the April 3, 2006 issue of Fortune.
Just about everyone who works on Wall Street has heard the stories about Jamie Dimon. The one about his shutting down the gyms and pulling the fresh flowers at J.P. Morgan Chase. (That story is true.) And the one about his grilling limo drivers parked in front of headquarters to find out who’d ordered the Lincolns, then screaming at the culprits for wasting money. (That one’s apocryphal, but Dimon doesn’t mind people repeating it, because fear helps him control costs.)
Here’s one you haven’t heard. Dimon became president of J.P. Morgan Chase in mid-2004 when it acquired Bank One, where he had been CEO. Soon after, he convened an emergency meeting and ripped into his new colleagues for “letting pay get totally out of hand.” Among the examples that set him off: Regional bank managers at J.P. Morgan earned around $2 million–five times the $400,000 that comparable Bank
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