Latest news with #Litquidity
Time of India
5 hours ago
- Business
- Time of India
Jamie Dimon-led JPMorgan issues stern warning! Job hopping analysts to be fired; ‘if you accept a position with..'
Jamie Dimon has consistently voiced concerns about private equity firms attracting fresh finance graduates. Led by CEO Jamie Dimon, JPMorgan has issued a very stern warning to 'unethical' junior bankers who start looking at alternate job offers within 18 months of joining. A new letter, leaked on Litquidity's Instagram platform, warns the new recruits against job hopping. According to the letter, junior bankers securing alternative employment opportunities during their initial 18-month tenure risk immediate termination from JPMorgan amidst increasing competition for skilled professionals in Wall Street. The confidential correspondence to newly recruited JPMorgan analysts explicitly states that securing employment elsewhere would result in immediate dismissal from the bank, according to a New York Post report. What JPMorgan's letter says to new recruits "If you accept a position with another company before joining us or within your first 18 months, you will be provided notice and your employment with the firm will end," states the correspondence dated June 4, bearing signatures of JPMorgan's global banking co-heads Filippo Gori and John Simmons, the report said. The communication from both senior leaders emphasised that complete dedication and engagement are vital for achieving success in the investment banking analyst programme. Also Read | Donald Trump vs Elon Musk: Who has more to lose - US President or world's richest man? Stakes are high for both! The executives further stated that "missing any part of the training programme" might result in dismissal, whilst highlighting that "avoiding potential conflicts of interest is crucial to maintaining the trust and confidence our clients place in us." The leadership also announced a reduction in the timeline to attain associate position by six months, making it 2.5 years, aiming to retain exceptional talent. Whilst their correspondence did not explicitly reference private equity organisations, these firms have historically employed strategies to recruit junior banking professionals following their initial training period, the report said. Jamie Dimon's past warnings Jamie Dimon, the 69-year-old chief executive of JPMorgan, has consistently voiced concerns about private equity firms attracting fresh finance graduates with substantial salary packages that major US banks struggle to match. "I know a lot of you work at JPMorgan, you take a job at a private equity shop before you even start with us," Dimon had told a crowd of undergraduate business school students, terming it "unethical." During his address at Georgetown University's Psaros Center for Financial Markets and Policy in September, he expressed his disapproval, saying, "It puts us in a bad position, and it puts us in a conflicted position. You are already working for somewhere else, and you're dealing with highly confidential information from JPMorgan, and I just don't like it." Also Read | Will the Donald Trump administration be forced to give billions of dollars in tariff refunds? Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
New York Post
2 days ago
- Business
- New York Post
JPMorgan threatens to fire job-hopping junior bankers
Jamie Dimon-led JPMorgan is threatening to fire junior bankers who accept a job offer within the first 18 months of joining the firm as the battle for Wall Street's top talent heats up. A leaked letter to newly recruited JPMorgan analysts, posted on the Instagram account Litquidity, warns the junior bankers that if they already have a lucrative gig lined up elsewhere, they will be booted out of the bank. 'If you accept a position with another company before joining us or within your first 18 months, you will be provided notice and your employment with the firm will end,' according to a memo dated June 4 and signed by JP Morgan's global banking co-heads Filippo Gori and Doug Petno. 5 JPMorgan CEO Jamie Dimon has branded the practice of accepting private equity jobs before joining his bank's training programme as 'unethical.' AP 'To succeed in the investment banking analyst programme, your full attention and participation are essential,' the missive from the two senior executives continued. The Post has approached a JPMorgan spokesman for comment. The two men also write that 'missing any part of the training programme' could also lead to termination and that 'avoiding potential conflicts of interest is crucial to maintaining the trust and confidence our clients place in us.' Gori and Petno, seen as a possible successor to Dimon as CEO, added that they would cut the time to takes to reach associate level by six months to 2.5 years in a bid to retain the best and brightest. Their letter stops short of mentioning the private equity industry by name, but it has been a long-established tactic deployed by those firms to poach junior bankers after their training. JPMorgan CEO Dimon, 69, has been a repeated critic of how buyout shops lure newly-minted financiers with eye-popping pay packets that even America's banking titans cannot compete with. 5 The new JPMorgan HQ on 270 Park Avenue in lower Manhattan is set to open later this year. It will include an yoga studio, food court and a pub. LightField London 'I know a lot of you work at JPMorgan, you take a job at a private equity shop before you even start with us,' Dimon told a crowd of undergraduate business school students, branding it as 'unethical.' 'It puts us in a bad position, and it puts us in a conflicted position,' he said at a talk at Georgetown University's Psaros Center for Financial Markets and Policy in September. ' 'You are already working for somewhere else, and you're dealing with highly confidential information from JPMorgan, and I just don't like it.' But some young financiers argued that the new policy would be tough to police. 'JPMorgan is stupid for thinking this is enforceable or sustainable,' one hedge fund analyst wrote on Wall Street Oasis, a website popular with American bankers. 'Private firms are stupid for thinking recruiting analysts before they even hit the desk is sustainable.' 5 The memo signed by Filippo Gori, above, said that 'missing any part of the training programme' could also lead to termination. Vernon Yuen/NurPhoto / Shutterstock Associates at private equity firms can make up to $300,000 a year with bonuses that start at least that amount, according to research compiled by the same website. Figures compiled by Glassdoor, a recruitment and human resources portal, show that salaries for an associate banker at JPMorgan range from $197,000 to $289,000, excluding any performance-related payouts. JPMorgan is not the only Wall Street titan that is having to fend off private equity firms looking to poach its bankers. Goldman Sachs recently faced down an attempt to lure one of its top executives away from 200 West Street. 5 Doug Petno, right, is also the co-CEO of JPMorgan's investment banking arm with Troy Rohrbaugh, left. Both men are seen as possible successors to Dimon when he eventually steps down as CEO. JPMorganChase The David Solomon-led bank handed chief operating officer John Waldron an $80 million 'golden handcuffs' package earlier this year, as well as a seat on the board. Waldron had been approached by Marc Rowan's Apollo Global Management for a megabucks role. The bonus, which will fully vest in five years, was seen as a move to keep the 55-year-old with Goldman where he is seen as Solomon's heir apparent as CEO.
