Jamie Dimon has been at the helm of JPMorgan Chase for 14 years, overseeing the bank's growth from $1.2 trillion in assets in 2005 to more than $2.7 trillion for the quarter ending Sept. 30.
The bank has posted impressive numbers throughout Dimon's tenure, including year-over-year profit gains for each of the past seven quarters, and an ambitious branch expansion plan could set it up for even more growth.
That plan includes opening 400 branches in as many as 20 new markets over the next four years.
The expansion comes at a time when some financial institutions are weighing how necessary or feasible their branch networks are. Yet Chase's ambitious $20 billion plan is not entirely surprising, coming from a company whose leader is as driven as Dimon.
"All companies are subject to inertia, insipid bureaucracy and other flaws, which must be eradicated," Dimon said in a letter to shareholders last year. "If a company isn't staying on edge, maintaining a fire in its belly and pushing forward, it will eventually fail."
JPMorgan Chase has been able to maintain an edge on competitors with an $11 billion annual technology budget, among other advantages.
Continue to invest in the business
During its last earnings call, Dimon emphasized the company's commitment to building new data centers, which he said the bank simply can't afford to neglect.
"We have to build that infrastructure out to be the best in the world, so we're not going to ever skimp on something like that," he said.
Certain early tech investments are beginning to pay off as well, such as the company's decision to buy Silicon Valley-based startup WePay for an estimated $400 million in 2017.
While payments on Stripe and Square's platforms can take one to two business days to complete and come with a fee for faster service, Chase's ability to offer free same-day deposits for customers that use its WePay platform gives the company an edge as competition heats up in the payments industry.
Banks risk losing as much as 15%, or $280 billion of their global payments revenue to digital payment companies and nonbanks by 2025, according to a September report by Accenture.
Under Dimon's leadership, JPMorgan Chase has also divested from ventures that are proving less fruitful. For example, the bank announced in June it would shut down its millennial-geared mobile banking platform, Finn, after just one year. Chase, which already has a five-star app in Apple's App Store, said millennials didn't necessarily want a separate digital experience.
A month later, the bank also ended its three-year small-business loan partnership with OnDeck, saying it would move forward with its own platform.
Aside from tech and innovation initiatives aimed at boosting the bank's market share and competitiveness, Dimon has also taken a variety of social stances that have differentiated him from the traditional bank CEO.
Evolve the mission
The Business Roundtable, which Dimon leads, recently revised its long-standing corporate mission statement — one that long emphasized corporations' duty to shareholders.
In the new statement, "investing in employees," fostering "diversity and inclusion," and "protect[ing] the environment" are of equal importance to generating value for shareholders.
Dimon told Forbes in August the statement "is an acknowledgment that business can do more to help the average American."
"It's humanizing banks, which haven't seemed to be humane things for a long time," James Bailey, professor of leadership at George Washington University, told Banking Dive. "The big banks, we don't think of them as caring about people, we think about them as moneymakers, and that's all they care about. So by him doing this, both in a local and a national and a global scale, [Dimon's] trying to change people's impression of the company."
JPMorgan Chase also announced a new public policy agenda that would make it easier for those with a criminal record to land jobs at the bank.
"Giving more people a second chance allows businesses to step-up and do their part to reduce recidivism, hire talented workers, and strengthen the economy," Dimon said in a statement.
A testament to Dimon's influence in the banking industry, Bailey said, is the number of proteges that have gone on to lead other large institutions such as Barclays, Standard Chartered, Visa and Wells Fargo.
"One of the primary marks of leadership is to advance the people around you," Bailey said. "When the people around you get so good that they outgrow you, that's when you know you've done your job."