Dimon has been vocal about holding governments to task for the economic meltdown, but his spending has also come under scrutiny: Dimon ran up a $211,182 tab for private jet travel last year, when his family lived in Chicago and he was commuting to New York.
Bowing to public and political pressure, Dimon, like many of the CEOs whose companies were benefactors of the government bailout, agreed not to receive a bonus last year.
JP Morgan Chase has received $25 billion in TARP money, but would not reply to ABC News' questions last month about how those taxpayer dollars were being spent.
Earlier this month, Dimon was the only head of a U.S. bank to attend the annual World Economic Forum, which brings together executives and policymakers in Davos, Switzerland.
He said financial institutions needed to accept some responsibility for the crisis, but he put much of the blame on regulators.
"JPMorgan would be fine if we stopped talking about the damn nationalization of banks. We've got plenty of capital. To policymakers, I say where were they?" he said during the conference. "They approved all these banks. Now they're beating up on everyone, saying, 'look at all these mistakes, and we're going to come and fix it.'"
Goldman Sachs, Wall Street's perennial winner, first appeared to weather the storms of the credit crisis but ultimately could not withstand the turmoil that rocked the financial system.
In 2006, Goldman Sachs turned a $9.4 billion profit, the highest in Wall Street history.
Blankfein, 58, took the reins of the company that same year, replacing Hank Paulson, who became treasury secretary in the Bush administration.
Two years later, on the heels of the collapse of Lehman Brothers and AIG, Goldman laid off more than 10 percent of its work force, received $10 billion in government aid from TARP and redefined the corporate culture that led to much of its success.
Blankfein and six other Goldman Sachs executives will also forgo their 2008 bonuses.
In an Op-Ed in Monday's Financial Times, Blankfein struck a contrite tone and called on banks to adopt stricter accounting practices, allow for greater government regulation and more accurately disclose the actual value of their assets.
"People are understandably angry and our industry has to account for its role in what has transpired," he wrote.
"In this vein, all pools of capital that depend on the smooth functioning of the financial system and are large enough to be a burden on it in a crisis should be subject to some degree of regulation."
Before becoming CEO, Blankfein led Goldman's securities division, pushing a strategy that called for diversified investments in businesses as varied as power plants and Japanese banks.
As panic over the credit crisis spread, Blankfein was credited with quickly transforming the company into a deposit-taking bank holding company, which allowed the company to receive TARP funding.