It is not uncommon for business leaders with big names to be poachers from big corporations. Take a recent example of Brian Nicole, the former CEO of Chipotle, who is scrapped by Starbucks last summer.
But these behaviors began with the earliest career professionals-Jamie Dimon does not like him. Dimon, the famous CEO of JPMorgan Chase, talks about his neglect of private capital poaching practices during the conversation last fall at the Center for Financial Markets and Policy at Georgetown University.
“I know many of you work at JPMorgan, you get a job at a private capital store before you even start with us,” Dimon told a crowd of students from students. “I will say something a little different, well, because I didn’t talk about character. The most important thing for the character of people, I think it is unethical. I don’t like it. “
Dimon is referring to a tiny practice in which private capital companies begin to aggressively recruit the newly -shaped junior bankers at the beginning of their careers – and even sometimes before. But the peculiarity of private capital raising practices is the jobs that they entice to the last colleges, often do not start until a date far in the future, usually about two years.
College students who were watching Dimon’s interview knew exactly what he was talking about, with the crowd in laughter. But Dimon was not having fun with this answer, pushing the weight of the situation.
And JPMorgan has been on the case for some time.
“We understand that the practice of interviewing and accepting a role in another company is accelerating and is happening even earlier in your career with us,” New Bankers JPMorgan wrote in communication, which was shared by LitQue Account on Instagram, according to Business Insider. The post is no longer visible.
Not only does Dimon not like the poaching of private capital, but he leads the effort to eliminate all this together.
“I can remove it, regardless of what the guys of private capital or the people of the company say first, I will not pay for it,” Dimon said. “They are not mercenaries. And I think it’s wrong to put you in the position. “
Dimon does not like him because many of these junior bankers who are scrapped have already gone through some job training and have had access to confidential information just before they make a private capital.
“It puts us in a bad position and puts us in a conflict position,” Dimon said. “You are already working for somewhere else and doing extremely confidential information from JPMORGAN, and I just don’t like it.”