JPMorgan Chase, America’s largest bank by assets, has issued a stern warning to its incoming analyst class: accept a job offer from another company before joining or within your first 18 months at the firm, and your employment will be terminated. The policy was clearly outlined in a June 4 letter addressed to graduates set to join JPMorgan’s US analyst training program this summer. Signed by global banking co-heads Filippo Gori and John Simmons, the message was unequivocal: “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.”
JPMorgan’s new policy on job-hopping
As reported by Fortune, a letter signed by JPMorgan’s global banking co-heads Filippo Gori and Doug Petno, explicitly states: “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.”Beyond the threat of termination, the memo also emphasised the necessity of “full attention and participation” in the investment banking analyst program, stating that missing mandatory training sessions or failing to meet obligations could also lead to dismissal.While a strict measure, JPMorgan is also offering an incentive to retain talent. The bank has reportedly shortened the path to an associate position by six months, reducing the typical three-year analyst program to two and a half years.
JP Morgan Chase CEO Jamie Dimon’s stance on job hopping
JP Morgan Chase CEO Jamie Dimon has long been vocal about his disapproval of junior bankers using investment banks as a stepping stone to higher-paying private equity roles, often securing these future positions even before starting their initial analyst jobs. Dimon has publicly labeled this practice “unethical,” citing concerns about conflicts of interest and the potential misuse of confidential information. Jamie argues that analysts working with highly sensitive data while already committed to a future employer creates a “conflicted position” for the bank.
JPMorgan CEO Jamie Dimon on his retirement
Recently, JPMorgan Chase CEO Dimon told Fox Busines that his retirement from America’s largest bank is still “several years away,” leaving the final decision to divine providence and the board of directors. The 69-year-old banking titan, who has led JPMorgan for nearly two decades, indicated he might remain as executive chairman after stepping down from the CEO role.“It’s up to God and the board,” Jamie said in the taped interview. “There will be an appropriate time, and then I may stick around for a couple of years as chairman or executive chairman. I love what I do.”