In a candid podcast interview that aired recently, Jamie Dimon, the current CEO of JPMorgan Chase, reflected on the dramatic day in 1998 when he was fired from Citigroup. As he reminisced, he shared insights into the unexpected conversation that led to his resignation.

Dimon described a perplexing meeting where the board presented three major changes, culminating in their request for his resignation. With a sense of finality, he realized the decision had already been made before he arrived.

Returning home to his wife and three young daughters—aged 14, 12, and 10—Dimon broke the news of his firing. Their reactions were poignant and revealing: his youngest, with innocent concern, asked if they would be homeless; the middle child, with her academic aspirations, wanted to know if she could still attend college; while the eldest, perhaps looking for a silver lining, simply asked for his cell phone.

Later that day, as about 50 senior managers gathered at his apartment to bid him farewell, Dimon noted it felt like attending his own wake. This gathering included a tall friend who innocently identified his connection to Dimon, prompting his daughter to quip, ‘Not anymore you don’t,’ breaking the tension of the moment.

Dimon reflected, ‘I tell people it was my net worth, not my self-worth, that was involved.’ This marked a pivotal turning point in his career.

A New Direction: From Citigroup to JPMorgan Chase

After his departure from Citigroup, Dimon, then in his 40s, started exploring new challenges. One notable encounter was with Amazon's Jeff Bezos regarding the presidency of the tech titan, which he ultimately deemed a ‘bridge too far.’ His discussions with executives at Home Depot also led nowhere as they diverged from his comfort zone.

However, fortune smiled on him when an opportunity to lead Bank One in Chicago emerged a few years later. Dimon saw this as a chance for a fresh start, providing his family was on board with the move. They soon fell in love with the Windy City.

Demonstrating his commitment, Dimon invested half his savings in Bank One stock, declaring he was there to stay—ready to navigate the challenges ahead. He didn’t waste any time, diving into his new role immediately.

In reflecting on his journey, Dimon’s experience illustrates how setbacks can lead to unforeseen opportunities, setting the stage for an illustrious career that would eventually culminate in becoming the leader of America’s largest bank.