J.P. Morgan, of course, isn’t the only financial conglomerate with an identity crisis these days. At Citi, the original incarnation of the do-it-all firm, CEO Charles Prince is struggling to overcome scandals and management turnover. “Financial conglomerates like J.P. Morgan are feeding grounds for smaller, more nimble and focused players,” says Tom Brown, chief of hedge fund Second Curve Capital. “Shareholders of all the supermarkets would be better served if they were broken up.” Some analysts are already getting impatient with Dimon. “He told us to expect big progress in 2005,” says Meredith Whitney of CIBC. “Now we won’t see major improvements until 2007.” But many are betting that Dimon’s rare combination of an analytical, Cartesian mind with a passionate, damn-the-social-graces style will end up rewriting the rules of the game. As Larry Bossidy, former Honeywell chairman and a J.P. Morgan director, puts it, “I don’t use superlatives lightly, but he’s the best guy I’ve ever seen in financial services.”
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The group said it was committed to keeping what was leftover from the larder out of landfill and any perishable item that would not last another week goes to a Long Buckby farm, in Northamptonshire, to feed its animals.