Monday, October 29, 2012

Visa Raids JPMorgan for Its CEO

Jamie Dimon has built a powerhouse in JPMorganChase and demonstrated that good management can weather financial crises and prosper.  Visa, which went public a few years ago, poached some of Dimon's talent to head the payments giant.  In this October 25th video Robin Sidel on Markets Hub reports Charles Scharf is stepping out of James Dimon's shadow and into Visa's executive chair:

Sidel tells us "Mr. Scharf is well-known within J.P. Morgan as a methodical, decisive and sometimes prickly executive who doesn't like loads of bureaucracy. Those traits may shake up employees at Visa, which relies heavily on meetings and group discussions, according to people familiar with Visa's corporate culture."  Furthermore, in his new job, "Mr. Scharf's job will be to manage delicate relationships with millions of merchants, and to steer through rising competition from nontraditional payment companies such as eBay Inc.'s PayPal division."

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