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Abstract:The Vanity Fair report comes amid revelations that Neumann and Dimon met over the weekend to try and get WeWork's IPO back on track.
In a new report from Vanity Fair's Gabriel Sherman on Monday, sources claimed WeWork cofounder and CEO Adam Neumann said Jamie Dimon, the CEO of JPMorgan Chase, was his “personal banker.”
Neumann also claimed that Dimon, one of the biggest names in the financial world, would leave the institution to run Neumann's personal investment fund, according to the report.
The report comes amid revelations that Dimon and Neumann met in New York over the weekend to attempt to get the embattled startup's IPO back on track. JPMorgan is leading the listing.
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In a new report from Vanity Fair's Gabriel Sherman on Monday, sources claimed WeWork cofounder and CEO Adam Neumann said Jamie Dimon, the CEO of JPMorgan Chase, was his “personal banker.”
Neumann also claimed that Dimon, one of the biggest names in the financial world, would leave the institution to run Neumann family's personal investment fund, according to the report.
Representatives for Neumann denied the claims to Vanity Fair, and a source close to Dimon said the executive has no plans to leave JPMorgan Chase, the report said.
Read More: JPMorgan's Jamie Dimon met with WeWork's Adam Neumann this weekend to hash out how to get its botched IPO back on track
The report comes amid revelations that Dimon and Neumann met in New York over the weekend to attempt to get the embattled startup's IPO back on track. The coworking company delayed its public offering amid investor uncertainty around the company's finances, its unusual governance structure and potential conflicts of interest with Neumann's other business interests.
JPMorgan is leading the listing, which would occur in October at the earliest because of the delay. WeWork was initially planning to list in September.
But JP Morgan also has a long history with WeWork and with Neumann. A JP Morgan fund bought a stake in the company five years ago. The bank helped Neumann when he wanted to borrow money against some of his stock. And Neumann has also borrowed almost $40 million in mortgages from the bank, Bloomberg's Sonali Basak reported.
Meanwhile, Neumann is under siege by his board of directors and investors, according to several reports. The board convened on Monday to discuss whether or not to oust Neumann, reports said, but it wasn't clear where the group landed at the end of the day.
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Apple CEO Tim Cook, Dallas Mavericks owner Mark Cuban, and former Secretary of State Condoleezza Rice also made the cut.
JPMorgan Chase CEO Jamie Dimon said in an earnings call on Tuesday that it's unlikely the economy will be open by May.
Last year, WeWork added 108,000 desks for companies with over 500 employees, a key customer base. Fourth-quarter leases also dropped steeply.
By leveraging smartphones, online marketplaces, and cheap access to technology, startups like Uber and Shopify became the talk of the town.