Saw the release of that onboarding letter with the updated policy "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 will end."
Knew most JPM groups weren't supportive of recruiting but wanted to hear thoughts cause they're on a generational run of shitty policies.
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Unless you’re trying to dox yourself maybe don’t use the term “generational run of shitty policies” both here and on Litquidity’s IG post…
Silence selenagomezsdad and Jaime Dimon✋a Senior Pricing Analyst for Home Depots subsidiary based out of Cumberland Georgia with a finance degree from Auburn is talking
Get a life, all dude does is scroll IG and wso. Pathetic
Who hurt you?
Not the same guy i stole it lol
Good save
JPM is stupid for thinking this is enforceable or sustainable
PE firms are stupid for thinking recruiting analysts before they even hit the desk is sustainable
This entire stupid recruiting cycle timeline was never going to be sustainable in any way, shape, or form
Grab the popcorn and sit down, boys 🍿🍿
I actually think they will keep going earlier and earlier...why not hire kids after junior yr summer returns are given out a full 3 yrs in advance. are you really learning much more about them senior year?
why not just go ahead and push it to the extreme now since they are recruiting ahead of the start date, not sure what the difference is doing it a full 3 yrs in advance. Or if they get really ambitious, they could always do PE associate on cycle right after IB on cycle finishes up sophomore year in March... by that point you know which kids have internships, but you lose a bit of signal and take on a bit more risk not knowing which kids get returns, so I think the natural end game will be in August after junior summer internships + return offers given out :-). insane.
I think on cycle offers contingent on return offers would work quite well
Well, as a bank I would be annoyed too, if I invested a lot of money and pay getting these kids up to speed, just for them to leave once they are able to be a valuable contributor. The average analysts likely need a few months to be up to speed...
Yes they invest a lot of money and pay getting these kids up to speed
but they don’t invest into in making banking an attractive enrollment to work in. The current environment at banks isn’t even fucking safe, is potentially life threatening and kills juniors, has a toxic culture, and relies on constant overwork and abuse to the make the business model work.
If you don’t want your talent leaving, be a better fucking place to work lol.
Can someone explain what the "new" 2.5-year accelerated timeline is for promotion? Wasn't it always a 2-year program? I thought only the EBs, like Evercore and Centerview, and some others had 3-year programs.
How much is the stub at the end of the first 6 months?
It was previously a 3 year analyst program
they made it go from 2yrs to 2.5 because promotions happen in january and analyst start in July. They did this to match the end of the analyst program with promotions.
Yeah, that's what I thought, because I am sure they had a two-year program, not a three-year. So they ended it and are giving a stub bonus.
Where does JPM rank for exits now that you're completely cooked for on cycle
Jamie is a real baby huh
Gonna be a fun convo when a sponsor finds out JPM fired their entire upcoming associate class while tryna win their mandates
Let’s be real it’s JPM, at most 2 of the associates will be fired
Jamie Dimon crossed over into the "shitty old man" category a while ago, now steadily progressing into "belligerant dementia". Seems like the kind of guy who gets drunk and yells at the TV while watching Fox News.
They need to force him into retirement.
Spot on
Why would anyone risk interviewing candidates from JPM if there’s a chance that gets the candidate fired?
Exactly why it’s an effective change at preventing such activity
Dimon has been running the succession hunger games since the late aughts. So many waves of execs have left over the last 15 years or so, tired of waiting. It’s been very obvious he will never step down and will likely have to be forced out by the board at some point.
JP middle management is horrendous and it’s been a shitty place to work for a couple decades now unless you’re a political animal/bootlicker. This guy is single handedly trying to keep banking in the dark ages.
He’s a broken man leading a broken culture
Are college kids really worried about this? Lol. What do you think the bank is going to do—track everyone’s personal emails? Unless you go out of your way to tell Mr. Dimon you landed a PE gig, who's ever gonna find out? Just keep your mouths shut in the office and you guys will be fine.
PE firms have always asked me for references I’ve worked with closely while recruiting. I have even seen funds call the IB team of a candidate without asking. It’s really hard to keep it lowkey for a long period of time because your references can have loose lips.
not the end of the world. just tell your recruiter / headhunter that your bank now has this policy and so they should refrain from reference checking
Unfortunately just going to create a more toxic work environment where everyone has to lie to recruit (i know some places are alr like this tho)
Recruiting timelines just make no sense
My sense is this just turns into a "dont ask, dont tell" situation for most groups (how appropriate for pride month). I dont think this impacts the high demand groups much, but the lower desired groups might feel the impact of more turnover and lower quality candidates.
I am curious to see how this plays out long term. Its a big consideration for evaluating opportunity cost if you're weighing between a JPM offer and somewhere else, even for laterals. You want good junior talent that stays for longer and ideally becomes A2A? Well they come here for deal reps, brand name, and access to exit opps because its not like we pay hand over fist. Will shortening the analyst program create greater reason to pick JPM over another bank? I'm not convinced: show me the incentive and I'll show you the outcome.
Not sure the shortened analyst program changes anything—other top shops already do two years + stub associate stint.
If I'm an intern at JPM right now, re-recruiting FT looks a lot more attractive... otherwise you chance getting really stuck if exits are even a remote priority
PE will just issue a highly confident employment letter instead of a committed employment letter, wink wink nudge nudge
cool story jamie
let's also start recruiting for JPM 6 months before juniors graduate and not 2 years in advance for FT
I mean, this kind of cements JPM as beneath GS & MS now doesn't it lol.
Yep - nobody who wanted PE was choosing JPM over GS/MS anyway, but now it's even worse
Could actually see people taking a Citi/BAML offer now versus a JPM one because of this very decision.
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