JPMorgan has had enough of grads accepting future-dated roles elsewhere—and anyone caught will now be fired
“It puts us in a bad position, and it puts us in a conflicted position,” Dimon added. “You are already working for somewhere else, and you’re dealing with highly confidential information from JPMorgan, and I just don’t like it.”
JPMorgan declined to comment further on this week’s update.
Retaining talent
Prior to this week’s update, the bank already held a robust position on talent moving elsewhere.
It told previous incoming cohorts they “had an obligation to disclose” accepted roles in the future with their managers.
The lure for graduates of not only having one role secured, but a next step after that, may be too much to turn down in the current jobs market.
Moreover, banks are bringing forward their hunt for talent to the extent that some are even recruiting before students have declared their major.
But speaking last year, Dimon countered: “You’re going to be facing ethical decisions like that. Think for yourself.
“How would you feel if you’re on the other side of that thing? Or do you want to be treated that way? Is it fair?”
But amid a war for the brightest brains in the future of finance, JPMorgan is making steps to make it more attractive for upcoming talent to stay with the bank.
For example, analysts will now have the opportunity to be promoted to associate within two and a half years of joining the training program, as opposed to the previous timeframe of three years.
How long these roles will be coveted is up for question, though, after researchers at Stanford University and Boston College designed an AI bot that could significantly boost most fund managers’ returns by de-risking their portfolios, outperforming many human stock pickers.
“I don’t think sitting around, crunching Excel spreadsheets is a job that will exist in a material sense in five years,” Ed deHaan, a professor of accounting at Stanford Graduate School of Business, told Fortune.
This story was originally featured on Fortune.com
Content Original Link:
" target="_blank">
