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The once in a lifetime financial storm has caused dozens of banks to fail.

But there's 1 bank, not only surviving the crisis unscathed, but also capitalizing on this opportunity to become the largest bank in America, JPMorgan Chase.

Sitting on the throne of this financial empire is the Wall Street banker Jamie Dimon.

Jamie Dimon is born into the finance business.

In 1921, his grandfather came to New York with nothing, but soon built a successful career as a banker, and then as a stockbroker.

By the time Jamie is born, his father Theodore Diamond also has become a wealthy stockbroker.

Well, you know, my parents were real moralists.

So you know, you do the right thing, you only do the right thing, you treat people, everyone equally and fairly.

My mom was 1 of the earliest women's liberals around after reading some of those books and stuff like that.

Diamond's childhood is almost too perfect, attending private schools and spending summers in the mountains in Colorado.

His life has been the envy of other children of the same age, but to the young Jamie, it isn't enough.

From day 1, Jamie has an unwavering ambition.

He wants to make a fortune, more than that of his father and grandfather.

He recognized early on that to succeed achieving his goal, he should be in the finance industry.

But first, he should go to a great college But to his dismay he's rejected by his dream school Brown University After graduating fourth in his class and being rejected by Brown University, Diamond goes to Tufts University instead.

Jamie Diamond grew up having most things handed to him.

Deep down he believes Tufts doesn't deserve a student of his caliber.

During his freshman year he applied to be transferred to Princeton University, but Diamond is rejected again by the Ivy League school.

Jamie Diamond feels he's entitled to go to the best school in America.

He decides The best way to prove he's worthy of greatness is by becoming the number 1 student at Tufts.

Jamie Dimon always seemed to have this supreme confidence and sometimes comes off as cocky.

By 1978, Dimon graduates summa cum laude from Tufts and is accepted to the Harvard Business School.

He finally achieved his goal and his self-worth is validated.

At Harvard, Diamond proves once again He's in a league of his own.

In business school, Diamond was a nonconformist.

He didn't live on campus like other students, and he wore jeans and leather jackets.

In a class full of Republicans, he was the only Democrat, and a very vocal 1.

Jamie Diamond graduates Harvard as a Baker Scholar, an honor only bestowed on the top 5 percent of his class.

Dimon is flooded with job offers by many prestigious investment banks on Wall Street.

Surprisingly, Dimon turns them all down and instead decides to take 1 third of the salary by working for a family friend, the legendary financier, Senny Weil.

he liked the fact that I went to Harvard Business School and his pitch was this, I'm not going to pay you the same.

I don't know what it's going to be, but at least you'll see what a big company works like.

Sandy Weil is an accomplished dealmaker in the finance industry.

During his long career, he changed the fate of many iconic Wall Street brands like Primerica, Solomon Brothers, and Citibank.

Born in a Jewish neighborhood in the Bensonhurst section of Brooklyn, Sadie Weill always wanted to get rich, not by working a nine-to-five job, but by creating his own company and leveraging other people's money.

By 1986, he sold his brokerage firm, Shearson, to American Express for $900 million.

He becomes the president of American Express.

He takes a liking to the young Jamie Dimon and offers to hire him as his personal assistant.

Like most young people who get breaks, Luck has a lot to do with it than timing.

And the second factor besides timing is that as a young man, usually all of us would admit that there was a mentor, a benefactor.

And when an older person who you respect and admire has confidence in you, It's a great booster to your own self-confidence.

From the, you know, Shears and Hayden Stone, they, a lot of acquisitions kind of put the ground up.

So I figured I can always go back to investment banking.

I think Jamie Dimon realized that Sandy Weill was Genghis Khan at his early stage of conquest.

He saw him as someone he could emulate to build his own empire.

While other MBA graduates will have to work from the bottom up, Sandy Weil brings Jamie Dimon right to the inner circle of his operation, negotiating deals on behalf of Weil worth hundreds of millions of dollars.

At the age of 28, Jamie Dimon already feels he's at the top of the finance game.

Before long, fate will bring him down to rock bottom.

After Ronald Reagan became the president, he prioritized helping corporate America, cutting taxes, and making it easy for them to borrow money.

This gives rise to the mergers and acquisitions, or simply, deals.

After landing a job working directly for the president of American Express, Jamie Dimon's career skyrockets.

Sunny Wilde aims to become the number 1 guy at American Express.

Jamie Dimon knows if he can help his mentor accomplish that, someday American Express will also be his.

At a time American Express owns a fund called Fireman's Fund.

Sunnywild wanted to sell it to Warren Buffett.

And he and Jamie Dimon worked tirelessly to make this deal happen.

But at the final stage, the board vetoed this idea.

Sunnywild realizes he was plagued and quit American Express in anger.

But he encourages Diamond to stay on because Diamond needs to support his new family.

In 1985, I decided to leave there because I had a difference in management style.

I left not knowing what was going to happen next, but American Express stock for the 4 years that I was there tripled.

So I did okay And I started looking for something else to do.

But in a show of loyalty, the 29 year old diamond quit his job too.

Jamie Diamond, who worked for me was a very loyal guy.

And he wanted to go with me even though American Express wanted him to stay but he felt this is what he wanted to do.

I said, Jamie you were voted most likely to succeed in business school how the heck can you be going with an older guy?

You know, I don't have to work again another day in my life.

It's an incredible gamble, 1 that will pay off handsomely in the end.

But for now, they must come up with a new plan.

After his fall from grace, the unyielding Sanyuwala is determined to make a comeback, with Diamond on his side.

At the age of 58, his peers see Sanyuwala as someone on the way out.

No Wall Street firms want to hire him as their executive.

In the meantime, Sanyo and Diamond are forced to look elsewhere for deals.

They're looking to take over a smaller company, then leverage it to take over bigger companies.

And before long, they find just the company from an unlikely place.

Commercial Credit is a loan company in Baltimore, targeting middle and lower class consumers, those who shop at Walmart.

It was pretty much a loan shark operation, lending high interest short-term loans to mostly a low income population.

Commercial credit parent company is a computer disk drive maker called Control Data.

It was a bizarre acquisition, doomed to fail from the get-go.

By 1985, Control Data is in financial trouble and is ready to sell the child company for cash.

Senny Waugh instructs Jamie Dimon to analyze the firm for a potential takeover.

And he comes back with a shocking finding.

Jamie Dimon is always a type who thinks differently from other people.

Commercial Credit was a crappy company with just 4% return on equity while similar company have 15%.

But Dimon realized that the company has a lot of assets that they can sell, a lot of costs to be cut, basically making it a very attractive bargain.

They approached Warren Buffett again for investment.

But to Buffett, the days of owning cigar butts companies are long gone.

His partner, Charlie Munger, convinced Buffett to focus on quality companies to invest in rather than trying to turn around bad ones.

And it was kind of scroungy and unpleasant.

The deal is now on the verge of falling out.

Their plan of an epic comeback now seems impossible.

In this situation, there are 3 possible ways to take over this company.

The first is to look for a wealthy co-investor like Warren Buffett, but that didn't work out.

The second way is to do a leveraged buyout by borrowing a lot of money plus some equity to fully take over the company.

But the company will immediately have a heavy debt burden, risking bankruptcy.

The third option is to do a public offering by selling a portion of the ownership to the public.

The challenge is to convince investors to buy.

Jamie Dimon sees commercial credit as an undervalued company that can be turned around by someone like him, making it an attractive investment.

Senny Wilde decides to put the majority of his own fortune by buying 10% of the company and offering 80% of company to the public.

Jamie Dimon, while barely in his early 30s, invest everything he's got $425, 000 into the company.

They raised $850 million instantly making their investments profitable.

Senyuan also decides to appoint Diamond as the company's chief financial officer and gives Diamond a large number of stock options as a reward for his loyalty.

We sold they sold 80 percent of the company.

We raised enough money to get the company an investment grade credit rating, which a finance company needed.

After taking over commercial credit, Weil and Diamond start ruthlessly cutting costs, laying off 10% of their employees on the first day.

After just 1 year of running the business, they create $100 million in profit and achieve an 18% return on equity.

Credit agencies increase the company's credit rating, allowing Weill to borrow an extra $100 million on behalf of the company.

With all that money in their hands, now they can do the 1 thing they had come to Baltimore to do.

But before they can start, their company stock suddenly collapses by 50%.

While many of the biggest companies in the country struggle to survive, WOW and Diamond see it as an opportunity.

Their belief in the survival of the fittest kick in.

With a strong balance sheet, commercial credit is simply fitter than anybody else.

They start buying back their shares cheaply and take over struggling firms next to nothing.

Over the next decade, they become the most prolific deal makers.

They even managed to devour a bigger company, an insurance company called Primerica, with Jamie Dimon as the architect behind the deal.

By the end of the century, they have created the biggest financial conglomerate in America, Citigroup.

On October 8th, the official merger date arrived and Chairman and Co-CEOs John Reed and Sandy Weil were on hand to greet customers and employees at Citibank's 399 Park Avenue branch.

As the CEO of Citigroup, Sandy Weill is now the king of Wall Street.

And Diamond becomes a president of Citigroup.

But his real responsibility is at managing the investment funds of Citigroup.

Jamie Dimon is only 1 step away from becoming the most powerful man in finance.

He knows it's only a matter of time until he becomes the CEO of Citigroup.

The 1990s is a decade of an economic boom.

For the first time, the United States has a budget surplus.

Although Clinton is a Democrat president, he manages to cut taxes on capital gains and real estate.

Senny Weil is the apex predator of Wall Street.

With his political influence, he manages to get the Clinton administration to create the Financial Service Modernization Act, allowing the merger of commercial banks with insurance companies.

Sennewhile rewards his protege, the young and ambitious Jamie Dimon, by making him the president of Citigroup.

He knows it's only a matter of time until he gets what he's entitled to.

But as a master dealmaker, Senny Weil always has a plan B.

He realized that although Jamie Dimon is a skilled and intelligent businessman, he is often too blunt and has a big temper.

These traits can make him vulnerable as the CEO of Citigroup.

As a backup plan, Senny Weil brings in his daughter, Jessica Bibulovic, and puts her in Diamond's division.

Jessica and Jamie are childhood friends, but their friendship is about to be tested.

While initially, Diamond welcomed Weil's daughter by promoting her to the chairman of the company's mutual fund division.

Seeing the rise of low-fee mutual funds like Vanguard, Diamond believed that traditional high-cost mutual funds will fail eventually.

Hing trusts Jessica to reshuffle her business and start doing the low-cost mutual funds business.

Senewell objects to the idea but Diamond eventually prevails.

A year later when the time comes for promotion.

Jamie diamond does not give Jessica a promotion because he believes she didn't do a good job.

In 1996, for example, Jessica's mutual fund division brought in just $288 million in net assets compared with 3.1 billions and Merrill Lynch.

In Diamond's defense he's always preaching about treating people equally So he didn't give Jessica any favors.

Treat them all the same, whether they're clerks or CEOs.

I some must mention yesterday, but that's true.

But you treat them all badly sometimes, but don't treat them well, but treat them equally.

But to Senny Weil, his daughter is being alienated by Jamie Dimon.

Dimon's ambition has gotten the better of him.

If he can't handle relationships with his employees, how can he ever become a great CEO of Citigroup?

Citigroup stock topped the New York Exchange active list and fell 7 eighths to 46 and an eighth on news of a corporate restructuring and a management shakeup which included the resignation of President Jamie Dimon.

You know, look, I worked for Sandy for 14 years.

I always thought it was gonna get better.

I obviously was wrong because I walked in 1 day and he fired me.

In November 1998, after 15 years of partnership with his mentor of 70 while, Jamie Dimon is fired.

I told my wife and children, I called my wife up and said, Judy, I'm going to tell you something.

So I always make jokes about things like that, But I wanted to make sure the kids were fine.

I went home, I have 3 wonderful daughters, they were much younger then.

I said, the youngest 1 said, Dad, do we have to sleep on the streets?

I remind people, when you fail at something, it's your, I told people about Citigroup, it was my net worth, not my self-worth.

And I was able to move on and yes It was difficult

Diamond was 1 step away from becoming the most powerful man on Wall Street, but now he is unemployed

He was doing very well and he thought he was ready to run the company and he probably was.

The only problem was I wasn't ready to retire.

And so we began to not cooperate and that was not a good way to try and run a business.

Over the years of corporate conquest with Senny Weil, Dimon has built a strong reputation as an effective corporate leader.

Dimon believes he's robbed of his right to become the CEO of Citigroup.

Truth be told, without Diamond, SennyWild would not have made such a comeback.

The best revenge is through massive success.

Diamond will build an empire bigger than Citigroup.

And to do that, he will need to find a business as his launching pad, just like what he did with commercial credit.

By 1999, to Diamond's surprise, a perfect opportunity lands at his doorstep.

Banquan is a badly run financial conglomerate based in Chicago.

At the time, his credit card was rated the worst in the industry because of bad customer service and hidden fees.

Bank 1 CEO John McCoy, nicknamed Flight Buy McCoy, is known to go on lavish vacations while the company has poor earnings.

The board fires McCoy and is urgently looking for a wartime CEO to take his place.

As far as the board is concerned, there is only 1 man capable of turning the bank around.

To show he means business, Jamie Dimon goes all in, virtually putting all of his fortune in Bangguan stocks, worth over $50 million.

There's 1 rule I have, I call it the scandinavian, is that nobody should put others at risk without having harm to himself.

Okay, In other words, if you lose money to your clients, you should be exposed to the same risk.

Diamond gambles his future on Bank 1, but he may have underestimated just how bad the company is.

You know, we had a, I probably had to lay off a lot of people and, you know, you have to fix a company.

To beat the company into shape, Diamond will have to do things no 1 is willing to do.

Over the next 12 months, he sells underperformed businesses, he cuts executive compensation, and he fires 12, 000 employees to cut costs.

I took away their cars, their clubs, their search, their SERPs, their 401k matches.

I took away their matching gift programs, the financial planning, you know, and they weren't that happy.

I said, because folks don't have entitlements, We're going to lay off people.

And I want you to stand forward and be proud that you're cutting your stuff first.

He took $4.4 billion in write downs and loan loss provisions in 2000.

And the company ended up posting a loss of 511000000 dollars for the year You would think such a loss is a bad news for the company stocks But no Wall Street is liking what diamonds doing the stock goes up Because they finally see someone who is willing to do what it takes?

Jamie Dimon has 1 objective, building a fortress balance sheet.

Because if your balance sheet is a fortress, a real 1, not 1 that you've convinced yourself of, But 1 with assets that really have value, right?

That you're not leveraged in, in an extraordinary manner, you will be prepared for shock absorption.

A year later, Banquan posts an astounding $2.6 billion profits.

With sheer will, Jamie Dimon has turned this company around from the brink of collapse.

But the true goal has always been to have a strong balance sheet with lots of cash in order to do deals, massive deals.

And in 2002, just after the dot-com bubble, Diamond is ready for the hunt.

From the late 1999 and early 2000, the Federal Reserve raised its interest rate 6 times in order to have a soft lending from the overheated economy.

But the dot-com burst nonetheless, with Nasdaq cutting half.

To make matters worse, the 9-11 attack triggers the crash of the broader stock market.

The market only rebounded by the fourth quarter of 2003.

While the S&P 500 barely makes it to double digit returns in 3 years, under Jamie Diamond's management, Banc 1 stocks achieves 59% return, 3 times of that of the market.

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Jamie Dimon - The Most Powerful Banker in America | Full Documentary