by It is not uncommon for business leaders of big name to get poached by large companies. Take the recent example of Brian Niccol, the former CEO of Chipotle who was poached by Starbucks last month.
But this behavior started with the earliest professionals and Jamie Dimon does not like it. Dimon, the illustrious CEO of JPMorgan Chase, spoke about his contempt for the poaching of Private Equity during a lecture last week at the Psaros Center for Financial Markets and Policy of Georgetown University.
“I know that many of you work at JPMorgan, you take a job at a private equity store before you even start with us,” Dimon told a crowd of students of non -graduated Business Schools. ‘I’m going to say something else, okay, because I didn’t talk about character. The most important thing about the character of people, I think that is unethical. I don’t like it. “
Dimon refers to the crazy practice in which private equity companies start aggressively recruiting newly beaten junior bankers at the start of their career – and even before. But the peculiarity of the recruitment practices of Private Equity is that the jobs with which they express recent university degrees with them often do not start until a date far in the future, usually about two years.
The students of the students who look at Dimon’s interview knew exactly what he was talking about, with the crowd who laughed. But Dimon was not entertained by this reaction, which pushes the seriousness of the situation.
And JPMorgan has been in the business for a while.
“We understand that the practice of interviewing and accepting a role at another company has been accelerated and even happens earlier in your career,” JPMorgan wrote to new bankers in a communication that was shared by the Litquuidity account on Instagram, According to the Insider company. The mail is no longer visible.
Dimon not only does not like poaching with private equity, but he leads an attempt to shift this together.
“I can eliminate it, regardless of what the private equity boys say or the people in the company 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 it, because many of these junior bankers who get poached have already completed some job training and had access to confidential information just before the jump has taken in private equity.
“It brings us to a bad position and it brings us to a conflicting position,” said Dimon. “You already work somewhere else and you are dealing with very confidential information from JPMorgan, and I just don’t like it.”
