By Jack and Suzy Welch
FORTUNE -- If there's one person you probably don't envy right now, it's Jamie Dimon.
In the past week, the J.P. Morgan (JPM) CEO has been summoned to testify before Congress and learned that his company is facing investigations by an alphabet soup of federal agencies, from the CFTC to the FBI to the SEC. He's also had to spend a lot of time in the middle of a media feeding frenzy, offering mea culpas and referring to himself and members of his team as "stupid," "sloppy," and "dead wrong."
In short, Jamie Dimon has been knocked off the large, white horse he rode through the financial crisis.
Now, echoing the general consensus, nothing illegal appears to have occurred in the course of J.P. Morgan's $2 billion-plus trading loss. No taxpayer money was involved, and the investigations, it seems, are largely pro-regulation political grandstanding with a dose of schadenfreude thrown in. At least so far, nothing has happened that's actually going to seriously damage the bank's long-term value to shareholders. It's just that -- well, it's just that J.P. Morgan made a mistake.
Guess what? It happens all the time, from Wall Street to the factory floor. Work is hard, fast, and complicated. People make mistakes. God knows we've both made them, and if you've got a few years of work under your belt, so have you.
Which leads us to our main point, which is really not about J.P. Morgan at all, or at least not about it alone. Rather, it's about one of the most common crucible moments in leadership -- a big messy failure. Thankfully, very few screwups will garner the same level of public attention as J.P. Morgan's trading loss. But the principle we're getting at is the same. Over the course of your career, you won't be measured just by how many mistakes you make, because you'll make your fair share, but you'll be measured, as importantly, by how well you recover from them. More
Zipcar CEO Scott Griffith offers a couple of words of wisdom amid today's Facebook IPO fanfare. By Shelley DuBoisShelley DuBois, writer-reporter - May 18, 2012 12:00 PM ET
Move over, Greg Smith! About 55,000 financiers are desperate to flee the field, says a London-based job site that has set up shop in New York.
FORTUNE -- Erstwhile Goldman Sachs vice president Greg Smith's jeremiad on The New York Times' op-ed page marked a more spectacular departure than most, but Smith is hardly the only Wall Streeter who's had enough.
Escape the City -- the name refers to the City of London, MOREAnne Fisher, contributor - Mar 15, 2012 11:28 AM ET
To avoid a repetition of the past, regulators should pay closer attention to the terms of their bank settlements. By Eleanor BloxhamOct 26, 2011 9:30 AM ET
It's too early to tell what will come of the Wall Street protests, but national reforms have sprung from such unscripted movements in the past. By Elizabeth G. OlsonOct 14, 2011 1:06 PM ET
As long as Wall Street and venture capitalists continue to reward corporations for off-shoring and downsizing, we continue to play the fool when we express shock that the U.S. economy is not creating many new jobs. By Jeffrey PfefferJul 12, 2011 11:37 AM ET
He has been CEO of the storied but bruised investment bank for a year. All he has to do is reduce risk and restore profits at the same time.
By Duff McDonald, contributor
FORTUNE -- On an April Friday last year, Morgan Stanley CEO James Gorman received a call while on vacation with his family in Anguilla: In just four days the Agricultural Bank of China was holding a "bake-off" for investment MOREMar 30, 2011 5:00 AM ET
What Wall Street can do to restore confidence, short of giving back the money it lost.
Small investors are fleeing the stock market in droves. Those who cannot gain access to a drove are doing it by themselves. That's lonely work. Pretty soon, all that will be left is the institutional investor, and you know what they say about living in an institution. It's no fun either.
You don't need to be MOREScott Olster, editor - Sep 24, 2010 12:13 PM ET
I had to laugh the other day at the way the Market is behaving, but it wasn't a good laugh. It was one of those dark laughs, full of phlegm and bile, a laugh that dies in the back of your throat, turning before it fades away entirely into a short, sharp growl.
One day up. Two days up. Then down, down 150 or 200 points. It's like psychoanalysis. Two steps forward. MOREBing - Aug 19, 2010 1:31 PM ET
In the market, as in baseball, sometimes all it takes is one bad call.maryjopham - Jul 21, 2010 2:41 PM ET
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