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For Dimon time for renewal is now

The chairman and CEO of JP Morgan should focus on board composition and succession plans

Being of Greek descent, James Dimon should be familiar with Aristotle's concept of "catharsis".

Defined by the Merriam-Webster dictionary as "a purification or purgation that brings about spiritual renewal or release from tension," the notion aptly describes the past week for JP Morgan Chase's chairman and chief executive.

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