JPMorgan Chase CEO Jamie Dimon calls these meetings as breeding grounds for corporate politics and inefficiency
JPMorgan Chase
CEO Jamie Morgan has criticized
corporate meetings
, terming them as 'breeding grounds' for
corporate politics
and inefficiency, reports Business Insider. Speaking at a
Morgan Stanley financial conference
, Dimon advised corporate managers to abandon meetings 'run for the boss'. Instead, managers should be completely open and honest about problems in the business, he said.
Jamie Dimon to managers: Be more open about problems
During the event, Dimon emphasised that managers should be more open about problems instead of hiding them. He said teams should 'put your dead cats on the table' — a phrase he used to stress the need for honest discussions about operational issues, according to the publication.
Quoting a conversation he had at lunch, Dimon said a participant told him: 'We don't have any dead cats. We have a few wounded ones.'" To this Dimon replied: "'Go put the wounded ones on the table.'"
People focus on wrong thing in meetings: JPMorgan Chase CEO Jamie Dimon
Explaining why people focus on the wrong thing in meetings, Jamie said that the reason is that they're fighting for resources — "for the credit of revenues and expenses and one set of books."
"People don't allocate properly, they're not honest about their loss leaders, they give credit to parts of the company that don't deserve credit," he said.
Giving another example, Dimon pointed to JPMorgan's small business credit card division as an example, noting it competes with American Express despite being 'one-third of the size.' Dimon said, 'If you were running that business, I'd be asking you, 'What are they doing better?''
He continued: 'I'm fanatic about, 'Are you doing your marketing?' Or 'What's the ROI? What's the returns? Do you do what they do?''
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