Do Jamie’s recent comments about how early PE recruiting has gotten mean JPM will stop having sophomores in college doing their HireVue in January? I find it so hypocritical that they’re the earliest for banking recruiting, which pushes dramatically earlier every year, and yet on the forefront of this issue..
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don't be dense, IB is the first job finance students have, and the point for JPM is to reduce churn, not for you to dip after 2 years. it's not normal at all to have 2 jobs lined up back to back by the time you graduate, only PE is messed up like that.
I understand your view, but looking holistically, how many kids know they want to do IB midway through their sophomore year of college? It’s a tiny percentage, if it’s even possible to truly know.
I could easily make the argument that the reason for so much turnover is because they recruit midway through sophomore year. They come to market way earlier than any other jobs and students see their friends chasing prestige and money. Worried they’re falling behind, they join recruiting with no passion for finance. They land the job and realize they hate the hours, the work, the people, and for how much they sacrifice, the pay isn’t really that great. I’m not saying that doesn’t also happen 2 years later in PE, but maybe the root cause is forcing kids to pick a career path before they’ve had any chance to think about what they truly want to do.
there are things called internship, most ppl have an IB job because they interned at that specific bank during one summer. and just like you said what if 6 months into banking you realize you hate finance, what are you going to do? call blackstone and tell them you want to pull back from your associate contract?
Yeah, imagine you pay really high salaries (for recent graduates), train them to get up to speed, which takes months, just for them to ditch you for another company as soon as they get up to speed and are slightly useful.
100% agree
TBH, everyone has their own incentive structure and everyone has their own agency to choose. JPM will do what it can to get the best talent and retain them as best as possible. Is it hypocrisy? Maybe, but the only reason you care is because it feels like they’re infringing on your ability to have choice.
For reference, JPM was the loudest proponent of going back into office in June 2020 during thickest of covid. Yet, we all listened because this is what we signed up for (I was previously at JPM TMT).
Sorry if this sounds harsh, but the sooner you accept that we all make our own actual choices in the context of incentives, the better off you’ll be.
The issue JPM has is the conflict of interest, where kids have access to MNPI but also offers to join a client who would benefit from said MNPI. They never rlly gaf about the early timelines
This is honestly just a BS excuse…. Never has there been evidence of collusion between analysts and PE firms. This is just Jamie’s pride being hurt by all the analysts jumping ship as soon as they hit the desk
My colleagues have definitely gotten deal intel from IB analysts who are recruiting (e.g., they spill where our bids landed relative to other parties, what hurdle we needed, etc).
What PE is doing is definitely worse, but I also think you are correct in the sense of how early you need to start to have a chance at a BB or Elite Boutique. I mean even if you go to an Ivy, if you don't have a parent/friend that has helped showcase the IB world to you by end of Freshman year, you're severely hurting your chances.I went to a good school, was an athlete and my family are farmers/laborers, I hadn't even heard of IB until starting my junior year, by that point I was so far behind. And had to claw tooth and nail to land something at a boutique shop. Then again, I'm not crying about it, that's life, but I do get where you're getting at that basically if you don't have your path to a BB laid out by the time you start your Sophomore year, the hill gets alot steeper.
Wouldn't put too much weight on Jamie Dimon's comments here. While he is a world class operator, he is prone to making questionable hot-take statements publicly. Besides, there's no way for JPM to effectively enforce this
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