JPMorgan Chase has recently issued a stern warning to its incoming junior investment bankers against accepting future job offers from private equity firms. This memo, from the bank's top executives, states that participation in the private equity industry's recruiting practices could lead to termination. CEO Jamie Dimon has previously criticized this trend as unethical, and the firm escalated its stance this year by threatening to end the employment of bankers who leave training for interviews with competing firms, an issue of growing concern within the company.
This year's memo even vowed to terminate junior bankers who dare sneak out of job training to interview with private equity firms, as many did in 2023.
You will be provided notice and your employment with the firm will end,” the executives wrote, emphasizing the serious consequences of accepting future job offers.
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