Jamie Dimon Hypocrisy
He says it’s immoral for PE to poach his analysts early, but JPM probably will soon recruit kids well into their first semester of sophomore year? This guys an idiot.
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I’m sure he knows that but doesn’t care because it benefits him to do that
At what point does it stop benefiting him though? Surely the earlier recruiting gets, the harder it is to tell which candidates are actually the strongest
Considering how much JPM recruits diversity, they have never been looking for the strongest candidates
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It was never about that. It was always about the fact that analysts have access to mnpi at JPM with a offer to join a firm that could benefit from said mnpi in a year or two.
Immoral is an odd word choice if that's what he said. Certainly he can't be opposed to rational actors doing what's best for themselves.
But as far as his actions . . I cant blame him for demanding that JPM employees focus on JPM, not to their next employer.
As for recruiting college kids early, that's a very different situation because accepting a job offer from JPM as a sophomore isn't causing you to sacrifice your education. Accepting a PE offer early in IB can, to some degree, cause you to sacrifice your work quality at the bank as well as your loyalty in a deal situation that might involve your future employer.
I still don't see why he would really care. The ones that are long-term invested in JPM are the Associates, including the MBAs. The juniors are there to crunch whatever comes from above. This won't change the majority of those kids being there for the money, prestige or eyeing exit ops. There is no sense of loyalty among them or whatsoever and it's would come off if a 22yo, on his first job, after 3 months, would start saying "I want to remain here until I am an MD". Hard to believe it.
So I personally wouldn't care if they got an offer from a MF from day 1. He is just mad that people don't see JPM as the end-goal and just as a stepping stone towards better firms in the industry.
I think it was going too far. Analysts used to do a full year before recruiting, then it got moved up so they do only a few months, then moved up further so they hit the desk working for someone else.
I'm sure back when it was a year, Dimon didn't love it but figured it's fair enough. "We get them for a year fully focused, then they sort of do a half-ass 2nd year where at least they're sharpened and can step in to help on tougher things. Plus they've developed some personal loyalty to the team that will make them less inclined to sell us out on a deal." Something like that.
But now the bank doesn't even get that much. Kid joins on day 1 knowing his future boss at Carlyle better than he knows the guys at his bank, wondering where his loyalties should lie if Carlyle is a low bidder in a process or something. I agree with you that the mindset will always be to go to PE, but at some point it gets a bit too gross to take it this far.
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