JPMorgan Fires Junior Bankers Accepting Competing Offers Within 18 Months

JPMorgan Chase, the largest U.S. bank, has issued a strict policy warning incoming junior analysts that accepting a future-dated job offer from another company before joining or within their first 18 months will result in termination. This directive, conveyed in a leaked email from global banking co-heads Filippo Gori and John Simmons, aims to prevent conflicts of interest and preserve client trust amid concerns about analysts securing high-paying private equity roles before or during their tenure at JPMorgan. The bank also emphasized that analysts missing onboarding or training sessions could face dismissal. As an incentive, JPMorgan has shortened the analyst program from three years to two and a half, accelerating promotion to associate for promising talent. CEO Jamie Dimon has publicly criticized the practice of job hopping to private equity before starting at JPMorgan, labeling it "unethical" and highlighting the risks of conflicted positions when analysts hold future commitments while handling sensitive information. The policy has sparked mixed reactions online, with some criticizing the bank's demands for loyalty while offering limited reciprocity.