If Jamie Dimon ever needs fatherly advice, he can turn to his newest employee: Dad.
Theodore “Ted” Dimon, the 78-year-old father of JPMorgan Chase & Co. chief executive Jamie Dimon, quit Bank of America’s Merrill Lynch unit Friday to join his son’s firm, according to a person familiar with the matter. JPMorgan spokesman Darin Oduyoye confirmed the decision and said the unit had added more than 70 new brokers this year.
The elder Dimon and his five-member broker team will join Bear Stearns Private Client Services, a unit acquired by his son in the March 2008 takeover of the failed investment bank. Ted Dimon will report to Michael Lee, who heads the unit’s New York office.
Jamie Dimon said Oct. 27 that his New York-based bank plans to have as many as 1,000 of the “top, top, top” brokers adding to its current staff of 365.
The unit had 324 brokers at the end of 2008, company documents show.
