Why weill fired dimon

Reflecting on his decades-long career, Weill said the other big mistake he made was choosing Chuck Prince to succeed him as Citigroup boss, because the pick led to departures of many top executives.

The former Citigroup CEO has stepped down from his latest gig. Just that a little college in the Adirondacks remake itself in her image, and tell a dead guy to buzz off. Steve Mnuchin. Deutsche Bank. Hedge Funds. Dimon interviewed for various positions at companies like Home Depot and Amazon. Amazon in particular "appealed to me a little bit to move — remember [the movie] 'Sleepless in Seattle' had come out a couple years earlier.

Though Dimon thought at the time that Bezos "had a real opportunity to build something," it was just "a bridge too far for my family, me. I'd spent my whole life in financial services.

And so I decided I should probably find something in financial services. I don't think it should be someone's goal," he said on the podcast. People aren't perfect. All of a sudden there was the question: 'Is Jamie really running this place? And then there was the daughter.

Bibliowicz would report to Dimon and not her father. In January , Dimon named Bibliowicz chairman of the company's mutual fund operations, then the ninth largest in the country. He'd even pushed her ahead of a candidate favored by the company's head of asset management, Jeff Lane, taking some political heat in the process. But in reality, Bibliowicz only ran the mutual fund sales department, which had a mere 18 people in it. Despite the loftiness of the title, she didn't oversee money management, operations, or finance for the fund group.

Friends since childhood, the relationship between Dimon and Bibliowicz began to fray the next year, when Dimon pushed for the company to sell no-load mutual funds in response to the success of Vanguard and other no-load fund companies. Bibliowicz resisted the idea, arguing that the company should stick to its own internal funds -- brokers were far more motivated to sell them, after all, given the commissions -- and Weill himself sided with her in discussions on the subject.

Dimon eventually won the debate, and in July Smith Barney was the first Wall Street broker to sell no-load funds. Dimon increasingly became convinced that Bibliowicz's strengths were limited to "soft" skills, like marketing, and that she lacked a thorough enough understanding of the numbers of the business.

He began to criticize her openly, alienating Bibliowicz and irritating Weill. Not long after, in February , Dimon committed what Weill regarded as another ignominy upon his daughter. He named three executives to the Smith Barney planning committee -- including Smith Barney's general counsel Joan Guggenheimer -- and excluded Bibliowicz.

Weill's daughter felt it was a message directed squarely at her: A woman, yes, but not you. Guggenheimer, it should be pointed out, managed hundreds of people compared to Bibliowicz's From Weill's perspective, though, it was an unforgivable slight. His reaction was one of near-hysteria. The final, irreconcilable breach in Dimon and Bibliowicz's relationship came when Dimon actually acceded to Bibliowicz's ambition.

When she asked him how she could get ahead in the company, he asked her what she aspired to. Dimon told her that if that were ever going to happen, she needed experience in the retail side of the business.

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