NEW YORK (TheStreet) -- Watch out Park Ave, there's a new billionaire in town: JPMorgan Chase (JPM) CEO Jamie Dimon's personal wealth just crossed that milestone, according to Bloomberg. Meanwhile, American International Group (AIG) said it has discovered the value in collaborating with regulators rather than taking potshots.
While much is written about bloated bank salaries, few bankers ever join the billionaires' club through traditional banking alone. Many of the finance types who have a third comma in their net worth acquired it when they move over to the hedge fund world, where, for now at least, the regulatory headaches are fewer and the profits higher.
Bloomberg's Billionaire Index assumes that $485 million of Dimon's estimated $1.1 billion is in JPMorgan stock. The rest is assumed to come from salary, as well as after-tax proceeds and capital appreciation of the 2.3 million shares of Citigroup (C) he sold when he left in 1998.
It looks like Dimon got a little richer on Wednesday. JPMorgan closed up 69 cents to $66.71.
Insurance giant AIG learned that it's just easier to play nice with regulators.
"The benefits of having a collaborative relationship with all of the government agencies you operate with, in my view, far outweigh scoring points as to whether more or less government is good," CEO Peter Hancock said at a conference on Wednesday.
In 2013, AIG was deemed a systemically important financial institution by the Treasury Department, or put another way, an institution whose failure could cause a financial crisis. The SIFI label is one that big banks tolerate and many non-banks abhor as it requires them to adhere to tighter capital controls.