The chairman and chief executive officer of JPMorgan Chase & Co.(NYSE:JPM), Jamie Dimon, has been diagnosed with throat cancer.

This news was revealed Tuesday in a memo to JPMorgan employees and shareholders. Dimon, 58 years old, also said that the cancer was curable – the cancer was caught at an early stage and is not spreading from the afflicted parts of his body. The company did not disclose the stage of the cancer. Dimon is expected to undergo radiation and chemotherapy treatment that will last for about 8 weeks.

He wrote, “I feel very good now and will let all of you know if my health situation changes. Importantly, there is no evidence of cancer elsewhere in my body.”

Dimon still plans to be involved in the company’s business. He has been the head of the New York-based banking giant since 2005. He guided the bank clear through the financial crisis without reporting a quarterly loss. Under Dimon’s leadership, JPMorgan acquired Bear Stearns and Washington Mutual as those firms collapsed.

However, the bank has recently been on a downward spirl. The bank lost $6.2 billion in 2012 risky derivative bets that have been dubbed the “London Whale”. Then in late 2013, the bank agreed on a $13 billion settlement with the United States government against charges that it had exaggerated the quality of mortgages it had sold to investors following the financial crisis.

Michael Holland, the founder of Holland & Co., an asset management firm overseeing over $4 billion worth of assets (including JP Morgan shares), stated that, “Jamie Dimon is by numbers and the record one of the best financial CEOs of our generation.”

Here is a full text copy of the memo Jamie Dimon sent to his colleagues and shareholders, via Forbes:

Dear colleagues and shareholders

I wanted to let you know that I have just been diagnosed with throat cancer. The good news is that the prognosis from my doctors is excellent, the cancer was caught quickly, and my condition is curable. Following thorough tests that included a CAT scan, PET scan and a biopsy, the cancer is confined to the original site and the adjacent lymph nodes on the right side of my neck. Importantly, there is no evidence of cancer elsewhere in my body.

My evaluation and treatment plan are still being finalized, but at this time it appears I will begin radiation and chemotherapy treatment shortly at Memorial Sloan Kettering Hospital, which should take approximately eight weeks. While the treatment will curtail my travel during this period, I have been advised that I will be able to continue to be actively involved in our business, and we will continue to run the company as normal. Our Board has been fully briefed and is totally supportive.

As you all know, we have outstanding leaders across our businesses and functions – the best team I’ve ever had the privilege of working with – so our company will move forward together with confidence as we continue to deliver first-class results for our customers, communities and shareholders.

I feel very good now and will let all of you know if my health situation changes.

I appreciate your support and want to thank our employees for the amazing work they do day-in and day-out. I’m very proud to be part of this company and honored to be working with such an exceptional group of people.

Jamie

 

 

 

Get Free Updates and Stock Alerts!

*We only send one email per week