Dec. 20 — As Jamie Dimon accelerates his search for a new job, the former Citigroup executive — some say once the heir apparent — has been hitting the lecture circuit, talking about the events surrounding his abrupt departure in October 1998.
But he has not told the whole of his story to open audiences, as he searches for work, possibly as a bank president. What he says privately is that his forced resignation last year as Citigroup president was more the result of a simmering personal conflict with Sanford I. Weill, the company's co-chairman, than of business issues, say people close to the former executive.
At the time of Mr. Dimon's departure, Mr. Weill complained about the sluggish pace at which Salomon Smith Barney was being integrated into the newly merged Citigroup, a combination of Citicorp and Travelers Group.
Mr. Dimon, now 43, had been co-chief of Salomon Smith Barney, and was responsible for integrating Salomon into Citicorp's wholesale bank. That led many to believe the company's integration woes were behind Mr. Dimon's departure.
But Mr. Dimon, who declined to be interviewed for this story, sees it differently, the sources say. He casts himself as a victim in a "Shakespearean tragedy," in which his long-time associate and mentor, Mr. Weill, plotted Mr. Dimon's downfall after a long-running, behind-the-scenes feud.
Mr. Dimon is said to believe that Mr. Weill became irritated as Mr. Dimon gained more attention and publicity for his growing role in a number of companies that had been headed by Mr. Weill: American Express Co., Commercial Credit, Primerica, and finally Travelers. Specifically, Mr. Weill was annoyed by frequent reports in the press that Mr. Dimon was Mr. Weill's "heir apparent," the sources say. Even within Citigroup, some executives say they suspect the 66-year-old Mr. Weill, who has made no retirement or succession plans, was irked by the suggestion he would retire at all.
The rift grew after Mr. Dimon had a falling out two years ago with Mr. Weill's daughter, Jessica Bibliowicz, a childhood friend of Mr. Dimon's who resigned as head of asset management at Smith Barney in early 1997. During the last year of his employment, Mr. Dimon believed Mr. Weill was looking for an excuse to push him out — but when it finally happened, he was surprised.
"I came home from work early," Mr. Dimon said at a lecture in New York Thursday evening. "I said, `Judy, sit down. I have something to tell you, and please, please, don't tell me I'm kidding.' "
Since his departure, Mr. Dimon has had little contact with Mr. Weill except a few chance encounters at a mutual favorite restaurant, the Four Seasons. Indeed, in the last year Mr. Dimon spoke more with John S. Reed, Mr. Weill's co-CEO, who had been chief executive of Citicorp. Contrary to some published reports, Mr. Dimon has been saying his relationship with Mr. Reed was free of clashes and that Mr. Weill, in fact, viewed an alliance between the two as a threat.
But last week, Mr. Dimon invited Mr. Weill to lunch "in the spirit of Christmas," a source said, adding that the two parted on good terms. At Thursday's lecture, Mr. Dimon said he has appreciated his time away from work. "You have to be successful in your family life and your business life," he said. "And people destroy their families, they're so busy working. And it takes time and effort."
Mr. Dimon told the audience at the 92nd Street Y that he is looking to return to the financial services industry and indicated he had a strong interest in joining a bank.
