When Jamie Dimon was fired from Citigroup, his daughters asked: ‘Will we be homeless? Can I still go to college? Can I have your phone?’

It was a Sunday afternoon and Jamie Dimon was hosting a hundred potential candidates in his New York City apartment when he was called into a meeting with Citigroup’s Sandy Weill and John Reed. The duo asked him to drive to the office, where they outlined structural changes to the team and ultimately asked Dimon to resign.

Reflecting on the day in 1998 during a podcast appearance aired in July, Dimon remembered the conversation at first “didn’t make sense to me.”

Speaking to Acquired...