The crisis has been good to JPMorgan. As one rival after another collapsed (Lehman Brothers) or stumbled into the arms of governments (Citigroup, BofA, UBS), JPMorgan emerged as a formidable force. Sifting through the rubble of the financial earthquake, Mr Dimon filled in gaps in an international financial conglomerate that spans complex derivatives and saving accounts. In two opportunistic moves last year, it bought Bear Stearns, the investment bank, and Washington Mutual, the regional lender, through cheap government-assisted deals.
The crisis may have been good for JPMorgan -- but let's not forget just how good JPMorgan has been for the crisis!