NEW YORK–The CEO of the nation’s largest bank, which has nearly a quarter-million employees, said one secret to leadership is the “OODA Loop.”
Jamie Dimon credited his success in managing the nearly $4-trillion bank, which is America’s largest and which is nearly twice the total assets of all U.S. credit unions, to preparation, and specifically to a military axiom.
Fortune noted that in his 2023 letter to shareholders, Dimon said preparedness isn't just a habit embedded into the culture at JPMorgan, it's a leadership tactic Dimon picked up from watching people in the military.
In his newest letter to shareholders, Dimon began the section on management lessons by outlining the benefits of what is known as the “OODA loop.”
"The military, which often operates in extreme intensity of life and death and in the fog and uncertainty of war, uses the term ‘OODA loop’ (observe, orient, decide, act—repeat), a strategic process of constant review, analysis, decision making, and action,” Dimon wrote, according to Fortune. "One cannot overemphasize the importance of observation and a full assessment—the failure to do so leads to some of the greatest mistakes, not only in war but also in business and government."
‘Critical’ for Business, Government
According to Dimon, completing a full assessment is "critical” for both businesses and governments.
In business, Dimon wrote, "you have to understand your competitors, their distribution, their economics, their innovations, and their strengths and weaknesses…Research, data and analytics should be at a very detailed level and constantly reassessed. Only after you complete this diligent study can you start to make plans with a high degree of success."
‘Basic BS’
Fortune noted that Dimon, who is known as a straight-talker with little patience for corporate jargon, added, "The reason I’ve always hesitated to talk about ‘vision’ is because often it is the basic BS of corporate speak—that somehow if you impart your vision to people, they will take the mountain. What it really is all about is this: After you’ve done your full assessment and decision-making, you can then continuously educate, explain, train, simplify, propel and fight."
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