JPMorgan Chase, the largest U.S. bank, has issued a new policy prohibiting junior employees from accepting job offers from other firms within 18 months of joining. This measure, communicated in a leaked email, is aimed at preventing potential conflicts of interest, especially as many analysts seek positions in private equity which can be offered years in advance. CEO Jamie Dimon has criticized such practices as unethical. In an effort to retain talent, JPMorgan will also expedite promotions to the associate level.
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.
This new policy is intended to remove any 'potential conflicts of interest' and maintain the trust of the bank's clients.
JPMorgan CEO Jamie Dimon called the practice of accepting future-dated job offers 'unethical' at a talk, highlighting the company's concern over talent retention.
In return for this strict policy, JPMorgan will reduce the time it takes to get to the associate level from three years to two and a half years.
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