Jamie Dimon became chief executive on January 1, 2006, after serving as president and chief operating officer following the Bank One merger; he became chairman one year later. His major decisions have centered on maintaining strong capital and liquidity, integrating acquisitions, investing consistently in technology and controls, and preserving a diversified consumer and institutional franchise. He led the firm through the financial crisis, when it acquired Bear Stearns and Washington Mutual's banking operations, and through the 2023 acquisition of First Republic from the FDIC. He has also emphasized organic expansion in payments, wealth management, commercial banking, and the Chase branch network while arguing that the bank must retain capacity to serve clients during stressed markets.