Dimon left American Express with Weill in 1985. The pair would go on to take over Commercial Credit, a consumer finance company that became Citigroup after a series of mergers and acquisitions.
Dimon left Citigroup in 1998 and became the CEO of Bank One in 2000. He was named president and COO of JPMorgan after it merged with Bank One in 2004.
Dimon was asked about his succession plans on Monday at JPMorgan's annual investor day event. At last year's investor day, he'd joked that his retirement plan was "not five years anymore."
"We have built a very deep bench," Dimon said on Monday, adding that the board is "thinking about succession" β but didn't give names.
"If I'm here for four more years and maybe two more or three, executive chair or chairman, that's a long time," Dimon continued.
A representative for Dimon did not respond to a request for comment from Business Insider.
"They have done an enormous job over the last 20 years lifting up their people," JPMorgan CEO Jamie Dimon said of China.
Kevin Dietsch via Getty Images
Jamie Dimon said he's a "full-throated, red-blooded American patriot capitalist."
But the JPMorgan CEO said China had "done an enormous job" uplifting its people.
Dimon said JPMorgan was a "long-term investor" and wouldn't pull back from China.
JPMorgan CEO Jamie Dimon says he recognizes China's accomplishments in uplifting its people, even though he considers himself an "American patriot capitalist."
"They have done an enormous job over the last 20 years lifting up their people," Dimon told Bloomberg in an interview in Shanghai on Thursday local time.
"That doesn't mean I personally agree with everything they did. I'm a full-throated, red-blooded American patriot capitalist. But I understand that they can lift up their country," Dimon continued.
This isn't the first time Dimon has acknowledged China's economic accomplishments.
"Over the last 20 years, China has been executing a more comprehensive economic strategy than we have," Dimon wrote in his annual letter to shareholders last month. "The country's leaders have successfully grown their nation and, depending on how you measure it, have made China the largest or second-largest economy in the world."
"What China does so well is manage its country as a whole β coordinating government and business so that they are able to further some of their strategic goals," Dimon wrote in his letter.
When asked whether China remained a "priority market" for JPMorgan, given the geopolitical uncertainty, Dimon told Bloomberg the bank was a "long-term investor."
"Yes, there's all these other issues causing consternation, but we have to deal with the world that we have, not the world we want, and we'll continue to grow," Dimon said on Thursday.
"We are not going to pull back," he added.
Last week, Treasury Secretary Scott Bessent said the US and China had agreed to lower their tariffs by 115% for 90 days. Bessent said the US would reduce its tariffs on Chinese goods from 145% to 30%. China said it would lower its tariffs from 125% to 10%.
"The consensus is that companies are going to be doing business here. There could be some adjustments because of the trade negotiations, but I don't think the American government wants to leave China," Dimon told Bloomberg on Thursday.
A representative for Dimon didn't respond to a request for comment from Business Insider.
"We have built a very deep bench," JPMorgan CEO Jamie Dimon said of the bank's executives.
Noam Galai via Getty Images
JPMorgan CEO Jamie Dimon turned 69 in March.
Dimon was asked about his succession plan during the company's investor day event on Monday.
Dimon did not give names but said the company's board was "thinking about succession."
JPMorgan CEO Jamie Dimon said on Monday that the company's board is thinking about succession, but he stopped short of saying who will take his place.
"We have built a very deep bench," Dimon said at the company's investor day event when asked about its succession plans.
"What we've told you is that the board has intent. It's not a promise. It's not a commitment. It's intent β to be, and prudent, to be thinking about succession. And we should be doing that," Dimon added.
Dimon instead emphasised the importance of maintaining JPMorgan's culture, no matter who helms it.
"If I'm here for four more years and maybe two more or three, executive chair or chairman, that's a long time," Dimon said.
"But to me, the most important thing, when it gets handed over, you have real teams, real cultures, and hopefully keep on building it. If you look at the best companies in the world, that's what they had. They continued going forward, regardless of, necessarily, who the CEO was," Dimon added.
This isn't the first time Dimon, who turned 69 in March, has been asked about his retirement plans.
During the company's earnings call in January, Dimon was asked who his successor could be. Dimon did not give any names, though he did mention that JPMorgan's board has been interviewing several candidates for the job.
"We have several exceptional people. You guys know most of them. Maybe one or two, you don't know," Dimon said in January. "The board reviews and meets with them all the time."
"And obviously, we're not going to tell the press, but it's not determined yet," Dimon said in the earnings call.
At last year's investor day event, Dimon joked that his retirement timetable was "not five years anymore."
"I have the energy that I've always had. That's important. I think when I can't put the jersey on and give it my fullest, then I should leave basically," Dimon said in May 2024.
Representatives for Dimon at JPMorgan did not respond to a request for comment from Business Insider.
JPMorgan CEO Jamie Dimon addressed various topics Monday at the firm's investor day meeting.
He said the bank would allow investors to buy bitcoin, while warning of stagflation.
He sounded dour on the economy but hopeful about a regulatory reset.
Jamie Dimon isn't a fan of bitcoin, but he plans to start offering it to clients of JPMorgan Chase, nonetheless.
"We are going to allow you to buy it. We're not going to custody it. We're going to put it in statements for clients," Dimon said Monday at the bank's annual presentation for investors.
"I don't think you should smoke. But I defend your right to smoke," he said in explaining his position.
The bitcoin comments came as the JPMorgan CEO, often considered Wall Street's elder statesman, took the stage to answer questions from investors and research analysts. In the roughly 40-minute session, he touched on various topics, from the economy to what he expected from President Donald Trump's regulators.
Dimon sounded a dour note on the economy, saying he thought the risk of stagflation was "two times" as high as many think and making dire predictions on credit as an investment class.
"I think the worst one for a bank and for most companies is stagflation," he said, adding: "I think the odds of that are probably two times what the market thinks."
He also said the bank had lost some commercial opportunities as a result of Trump's trade war. "We've lost business because of that," he said in response to an analyst's question.
He sounded upbeat, however, when it came to the president's regulatory agenda.
"I think that the secretary of Treasury, the president of the United States, the new head of the OCC, the new head of the CFPB, Michelle Bowman at Federal Reserve, and the SEC have all made it clear that they want to fix some of the things they think are broken," he said. "I think they'll accomplish some of that. Some will take longer than others, but they all want to do it."
He called on regulators to consider lightening regulations for publicly traded companies, which he said had been halved since the 1990s, from 8,000 to 4,000.
"We're driving companies out of the public marketplace because of expensive reporting, litigation, cookie-cutter approaches to boards, compensation, and litigation," he said.
"I would love to be a private company," he added.
Dimon also raised questions about the rapid expansion of investments in credit, including through funds raised to make nonbank loans, or private credit.
"I don't like making forecasts, but I am not a buyer of credit today. I think credit today is a bad risk," he said, adding: "I think that people who haven't been through major downturns are missing the point about what can happen in credit."
As interest rates rise and economic conditions soften, the risk of credit defaults rises, sometimes leaving borrowers strapped for cash and lenders struggling to recoup capital.
Earlier in the day, Marianne Lake, JPMorgan's CEO of consumer and community banking, said the firm was "closely monitoring the whole ecosystem" of lending but not giving up despite warning signs.
"The environment is very challenging for home lending and auto," she said, adding: "but we remain committed."
JPMorgan Chase is telling managers to "resist head count growth" and boost efficiencies.
CFO Jeremy Barnum told shareholders that AI will help the firm tamp down its hiring.
Another exec promised staffing reductions of 10% in a unit that handles fraud and account support.
JPMorgan Chase's hiring spree over the past five years may finally be winding down.
The bank's CFO on Monday told investors that starting this year, less of its $95 billion in annual spending will go toward hiring as the bank seeks to do more with less, thanks in part to AI.
"At the margin, we're asking people to resist head count growth where possible and increase their focus on efficiency," CFO Jeremy Barnum said at the company's annual presentation to investors in New York City.
Barnum said the bank will continue to hire strategically in what he called "high-certainty areas," including bankers, advisors, and branches.
"It should go without saying that we'll never compromise on safety and soundness and we'll continue to hire and invest in the high- certainty areas where there is a link between adding employees and growth revenue," Barnum said.
JPMorgan plans to hire in "high-certainty areas."
Screenshot
Despite economic headwinds brought on by tariff turmoil, Barnum told investors that America's biggest bank by assets is on track for 17% ROTCE (a measure of returns for shareholders) and annual spending of $95 billion.
The comments echo remarks made by CEO Jamie Dimon earlier this year when he told workers at a town hall meeting that "attrition is your friend" and encouraged them to welcome job-stealing AI.
JPMorgan's head count has grown by more than 23% in the past five years. The company reported it had more than 317,000 employees at the end of 2024, up from 256,981 at the end of 2019.
Following Barnum's presentation, Marianne Lake, the CEO of consumer and community banking, took the stage and predicted a 10% head count reduction in operations, a division focused on fraud, statement and payment processing, and account services.
Lake, who said advancements in AI would enable a reduced workforce, said 10% was a conservative estimate.
"I would take the over on this projection and bet that we will deliver more," she said.
JPMorgan Chase CFO Jeremy Barnum spoke at the bank's 2025 Investor Day presentation in New York City on May 19.
"It's actually pretty amazing, and from what certain of my colleagues tell me who are actually trained professional computer scientists, it actually helps them quite a bit too with their efficiency," Barnum said. "It's not just the amateurs who are helped by these tools. It's amazing stuff and we have high hopes for the efficiency gain."
Improving efficiencies has been a key theme at the bank this year as Dimon seeks to convince workers that returning to their desks Monday through Friday will help clients, including by boosting productivity.
In one slide shown to investors, the bank predicted a boost in productivity in its home lending unit while reducing head count.
A slide from JPMorgan's 2025 Investor Day presentation.
As of Monday, the bank's stock was trading at about $267 per share, up about 37% over the past year. Last year, the bank earned a record $58.5 billion in net income.
This story is developing. Please check back for additional updates.
BNY is requiring employees to work in the office four days a week, up from three.
The news comes as banks across Wall Street pull bankers back to the office full time.
Business Insider obtained the memo, which said the bank has no plans for fully in-office work.
Bank of New York Mellon Corp., known for helping financial clients clear and custody securities, is the latest bank to rein in remote work. In a memo to staff, the firm's executive committee announced that it was asking employees to return to the office four days a week.
The memo, a copy of which was obtained by BI, said the new requirement would take place starting September 2, 2025, the day after Labor Day. The firm, commonly known as BNY, has required its workers to be in the office three days a week since 2023. Managers were called back to the office four days a week earlier this year.
The switch comes as companies from Amazon to AT&T start asking workers to return to pre-pandemic norms. Similar efforts are unfolding across Wall Street: JPMorgan Chase called its workers back to the office five days a week earlier this year, prompting some workers to explore unionization efforts or look for new jobs.
The memo from BNY's executive committee focuses on the importance of community and culture, which requires that employees spend more time together in the office.
It also emphasized the importance of "personal flexibility."
Indeed, BNY told its 51,000-plus employees it has "no plans" to require five days a week. It said employees will also continue to have the flexibility to work two weeks a year from anywhere, a perk the bank has dubbed "work from anywhere."
The bank, which also offers wealth management and investment advice, had previously instituted a 2-week "recharge period" around the end of each year, which allows employees to work remotely and skip non-essential activities, like internal meetings.
See the memo below:
As we continue to place even more emphasis on our community and culture, we believe that it is important that all of us spend more time together working, leading and learning from each other. As a result, we have decided that it is appropriate to ask all employees* to return to the office 4 days a week by September 2, 2025.
As a leadership team, we're committed to maintaining personal flexibility, and will continue to support remote work one day a week. We have no plans to return to 5 days in office unless circumstances were to demand otherwise.
We also want to remind everyone that we provide a "work from anywhere" benefit and a range of other benefits to help colleagues care for their mental and physical health and wellbeing.β―
This step is also facilitated by the continued investments our firm is making in our offices and workspacesβ―to deliver a modern, world-class in-office experience to our employees.
Beingβ―in the office together helps us collaborate and move work forward more efficiently.β―Occasional remote work can be effective, but in person we canβ―respond more quickly to dynamic, fast-paced financial marketsβ―and better serveβ―our clients. Most managers are already in the office 4 days a week, and we have seen the positive momentum this creates.
While we expect all employees to return to the office 4 days a week by September 2 at the latest, our offices are already open to you to come in as frequently as you'd like.β―
One BNY is more than an idea or a concept β it's a culture, and culture is made up of people. Which means all of us. Thank you for your commitment to ourβ―clients, our company and our community, and to this next step on our journey to Thrive Together.
Employees at JPMorgan's largest US office are back five days a week as of last week.
The Polaris site in Columbus, Ohio, is a major tech hub with more than 12,000 workers.
Employees spoke to BI about jockeying for desks and parking in their first week back.
JPMorgan Chase's largest US office was put to the test last week as its roughly 12,000 workers returned Monday through Friday for the first time since the work-from-home movement swept the nation five years ago, at the start of the pandemic.
Whether the bank passed that test depends on whom you ask.
On Monday, April 21, an executive at the firm's sprawling Columbus, Ohio, campus, projected optimism about employees' first full week back in the office while acknowledging some pain points.
"Ample seats were available across the site," a memo from Becky Griffin, the location leader at the Columbus campus, said. "We did notice that some areas were busier than others," she added, "and we're continuing to monitor capacity to make sure everyone can easily find a seat."
Griffin said lines for the cafeteria at the campus, known as Polaris, were "longer than usual," but that they "moved efficiently, with a smooth checkout process."
She also addressed concerns about parking. "To make the parking process more efficient, we have already adjusted the shuttle service and provided updated instructions to our on-site parking attendees," she wrote in the memo, which workers received as they were wrapping up their first full day in the office together.
Employees who spoke to BI complained that some of these issues persisted as the week went on, leaving some workers jockeying for desks, hunting for alternative parking, and skipping lunch to avoid long lines. In a second memo sent on Friday, Griffin said the company would be "making ongoing adjustments" and offered a link to an email for employees to provide feedback. She added that the bank had established a "Polaris Commuting Resources" page on its internal system to keep employees updated on changes.
JPMorgan's Polaris campus in Columbus, Ohio.
JPMorgan Chase
JPMorgan workers at Polaris who spoke to BI, however, said they couldn't see easy solutions to some of the problems discussed in the memo because the campus β which houses some 12,000-plus employees β has limited parking and a total seating capacity of 11,930, according to internal documents about the property reviewed by BI.
"There's really not a lot of space left on the property," said one software engineer at Polaris. "They'd have to make some serious changes for the site to be able to hold all the cars that come there every day."
The engineer was one of three employees who spoke to BI about working at the Columbus facility, which is home to many of the bank's tech workers and key to several of its cloud-focused initiatives. These employees asked to remain anonymous because they were not authorized to discuss company matters.
"There's not really infrastructure in place to handle the number of people that are working there now," the software engineer continued, adding: "It's definitely put everybody in kind of a tough spot."
Griffin did not respond to a request for comment. In a statement to BI, Michael Fusco, a JPMorgan spokesperson, pointed to measures the bank has taken over the past week to smooth out the transition.
"We have been working hard to ensure our sites have the capacity and amenities employees need to return full-time," Fusco said. "Last week, we had more than 2,000 open seats available daily in Polaris, ensuring ample seating to accommodate all employees. We also increased the number of parking attendants and shuttles to improve the parking process."
Life at Polaris in a post-RTO world
In January, JPMorgan CEO Jamie Dimon called his workers back to the office five days a week starting in March. The return was delayed for some office locations to give them time to get ready. The firm's Polaris campus only switched to the five-day-a-week RTO model last week.
JPMorgan isn't alone in demanding workers to return to pre-pandemic norms. Employees at Goldman Sachs and Citadel were called back to the office five days a week in 2021. Tech giants like Amazon and TikTok have also ordered workers back to their desks Monday through Friday.
Some Polaris employees have pushed back, however, including by exploring unionizing, as BI has previously reported. Dimon defended his decision in an internal town hall at the Columbus campus in February, saying the mandate was issued with the bank and its clients in mind, not individual preferences.
JPMorgan has addressed the insufficient parking at Polaris by reserving additional spaces at a local church about a mile away. Once parked, workers can wait for a shuttle that will take them to and from the campus, about a 10-minute ride. Employees, however, described 30-minute waits to board the buses in some cases.
One back-office manager told BI that on-campus parking has also become strained. The employee said the site's central buildings are encircled by a road dotted with two-story parking garages, and the road has been logjammed.
"From the moment you hit that ring, you're sitting in traffic to get around the campus," said the manager, who added they had recently spent an hour and 15 minutes looking for a parking spot.
It's led some employees to search for workarounds β like finding parking at Polaris Fashion Place, a nearby mall, and ordering Uber transportation to the office, the second of the two engineers said.
This strategy hasn't proved a major time saver, however, this engineer added, citing the backlog of vehicles clogging the campus road in the morning. The manager described large orange construction signs punctuating the road and third-party traffic attendants to direct the flow of vehicles.
He questioned whether these measures were helpful, saying that, in his experience, traffic attendants "just wave you past closed lots. They don't tell you where to go."
'They can cheat the system'
Once inside, the employees said there's some jockeying for desks, mainly for people who don't have assigned seating and don't reserve a spot ahead of time through the company's booking portal.
"I actually have a close friend who had to move desks probably five times over the span of an hour," said the first software engineer.
It's not just individuals who are being Tetris'd around the office in an effort to have teams sit together. The back-office manager said their team's designated seating was moved earlier in April, and that they'll need to be relocated again in the coming days.
"Everyone is still fed up, and everyone is still scratching their heads as to why we're doing this," the manager said.
Both software engineers said some intrepid workers had discovered they could swipe into the office and then leave a few hours later if they wanted to go home early.
"They can cheat the system like that," said the first engineer. "Some people will just badge in, work for an hour or two, and leave."
Employees also questioned whether being back in the office is really fostering teamwork if it means some colleagues can't sit together.
"One of our guys" β an executive director on a particular team β "is sitting in a completely different wing, because we have no room left," the second engineer said. "Tell me how collaboration is a driving force when your teams are now scattered throughout the building instead of sitting in one area."
Twenty years ago, getting jobs in private equity was an ultra-niche choice for MBA grads at the prestigious Wharton School.
According to the school's career report for 2004, just over 4% of MBA students in that year's graduating class were headed for jobs in private equity and venture capital. By contrast, more than 23% had landed investment banking and brokerage jobs.
Today, it's a different story: Just over 15% of the 2024 class went to work at investment banks, while close to 13% took jobs with firms that invest in privately held companies.
To some extent, this isn't a surprise as businesses once viewed as the Wild West of finance catch up to long-standing bank behemoths in market share, power, and prestige. Blackstone has gone from managing about $32 million in assets two decades ago to more than $1 trillion today. Citadel's market-making arm now handles one in every four trades on the stock market.
As part of Business Insider's series oncareer paths in finance, we set out to learn how these transformations are shaping career aspirations and trajectories. Do the old strongholds of prestige still remain in the eyes of Gen Z? Or have opinions β and options β changed?
We surveyed undergraduate finance students and members of campus finance clubs β stepping stones to Wall Street internships β about their career tracks, expectations, and motivations. In addition to the 150 survey responses we received across about a dozen schools (which is not a scientifically representative sample), we interviewed about 30 students from schools such as the University of Pennsylvania, Columbia University, and New York University. They asked to be anonymous to protect their future careers.
Almost all the young people I talked to, let's say ages 32 and below, said go to the boutique
Columbia University student
A lot has changed, and at the same time, nothing really has. In our survey, names like Goldman Sachs and JPMorgan stuck out in popularity β but so did Centerview Partners, a boutique M&A shop, and Blackstone, the trillion-dollar alternative asset manager.
"I think the sentiment definitely is shifting," a Columbia University junior said. "The interest is more varied in terms of the old path of just, 'I want to go to a big bank.'"
When asked which financial firm or other employer they'd most like to work for, nearly an even number of respondants mentioned investment banks (59) and buy-side firms, a category that covers private equity firms and hedge funds (57). A good chunk of people β 28 β were unsure or unspecific about a dream firm. (These numbers don't add up to the 150 total respondents because not everyone answered this question, some answers were not applicable, and others mentioned multiple firms in their write-in answer.)
Across both banking and the buy side (so named because these firms tend to buy assets instead of selling products and services), a preference for brand names and large firms stood out.
Thirty-five responses mentioned the top 10 investment banks by assets, including JPMorgan, Morgan Stanley, and Goldman Sachs. Some of the reasons given included "reputation," "talented people to learn from," "prestige," and the ability to get an even better job down the road (known in the industry, and on the survey, as "exit opportunities").
Goldman Sachs was the most mentioned firm in the survey responses, with 14 write-in responses, followed by JPMorgan (12) as a close second.
Thirty-one responses mentioned the top 10 private equity firms by assets, including KKR, Blackstone, and Apollo. Another four mentioned the top 10 hedge funds by assets, including Citadel and Bridgewater. Reasons given included "higher pay and good preparation to one day start my own firm," "working on the biggest deals in the world," and "the ideal blend of prestige and work-life balance."
Of those, Blackstone, the world's largest alternative assets manager, was the standout for most votes (11).
One Columbia junior said he accepted an internship at a large bank because he's unsure which area of finance he wants to pursue long term.
"In the same firm, they are doing so many different things. They're engaging with these companies, and through multiple different touch points instead of doing just advisory," he said of his choice to work for one of the largest and most established banks, a category known as bulge bracket.
The Wharton student agreed.
"I don't know what I want to do. But I know I want to be in the finance industry," he said. "I want to learn as much as I possibly can. So if I were to design a perfect job right out of college, it honestly would be a bulge bracket investment banking job."
Our survey results and interviews found that smaller firms, including so-called boutique banks, were strong contenders. The Columbia junior, for example, described being torn between the bulge-bracket offer he accepted and an offer from a boutique bank.
When seeking advice about which one to choose, he noticed a generational divide.
"Almost all the young people I talked to, let's say ages 32 and below, said go to the boutique," he told BI about his experience. "Everyone 32 and above said go to the bulge bracket."
Everyone 32 and above said go to the bulge bracket.
Columbia University student
When asked which finance firm or other employer they would most like to work for and why, 26 respondents mentioned non-bulge-bracket banks, including the boutique firms Centerview, Evercore, and Perella Weinberg.
Centerview, which advised Paramount on its $28 billion merger with Skydance in 2024, is known for being one of the highest payers for junior analysts on the street. It was the fourth-most-written-in response, with nine students saying they aspired to work there.
Boutique banks tend to focus on specific business lines or even industries, like entertainment or tech. These firms have developed a reputation for giving young bankers more hands-on deal experience, better work-life balance, and, in some cases, better pay.
The Columbia junior, for example, highlighted what he saw as a greater opportunity to stand out at a smaller firm. "You're not going to be a cog in a wheel simply because the denominator is smaller, you are now more important, you get to do more."
Another Columbia student, a sophomore, said boutique banks were the new mark of prestige among some of his classmates, while describing bulge brackets as the "baseline."
"It's like, OK, Columbia has been a target school for bulge brackets for however long, but the new name brands on the street are different now. It's Centerview, it's Moelis, and it's Evercore," he said.
The smaller-is-better crowd was also visible on the buy side. Twenty-nine responses mentioned firms that are smaller than the top 10 private equity firms or hedge funds by assets, including buy-side shops like Warburg Pincus, Silver Point Capital, and Hellman & Friedman. The reasons given included "excellent culture," "meaningful work," and "better work-life balance."
Inside Goldman Sachs' HQ
Emmalyse Brownstein
Students were also askedto share their dream finance jobs β not the one they expect to have upon graduation, but the one they want down the road. Buy-side jobs were the most popular: Eighty-five answers (equivalent to about 57% of respondents) mentioned private equity, hedge funds, or venture capital in some way.
The recruiting process for these some of these jobs can get pretty intense. According to the students BI spoke with, the benefits include more interesting work and slightly less grueling hours.
Autonomy and leadership also featured prominently among the survey responses, with 29 writing about entrepreneurship, running their own business, or holding a C-suite position.
These write-in answers included aspirations like being an "entrepreneur," "starting my own business," "running my own investment firm," and becoming a "CFO of a Fortune 500 company" or "CIO of a hedge fund."
Many of these answers overlapped with buy-side aspirations β like the students who said their dream was to "own my own hedge fund," or "run my own small PE firm."
Notably, just 15 answers about long-term dream jobs in finance mentioned banking.
Columbia University campus
CHARLY TRIBALLEAU / AFP
About a dozen responses reflected uncertainty or long-term ambitions elsewhere, like in corporate law. A handful of those answers also expressed some of the values Gen Z is widely known for, saying they wanted to have a job that allowed them to "take time off while maintaining a life/raising a family," "be happy with where I work everyday," and "use finance for social good."
(Again, these numbers don't add up to the 150 total respondents because not everyone answered this question, some answers were not applicable, and others mentioned multiple dream jobs in their write-in answer.)
The Columbia junior doesn't know what he wants to do long term within finance, but he summed up his dream job this way:
"I just think dealing with the most complex problems, in whatever respective space you're in, is the ideal job for me," he said. "That's what gets me excited."
Want to share your career path with us? Fill out this quick form.
The number of earnings calls in which CEOs said "Donald Trump" or "Trump" over the past 30 days has spiked since the same period last year, according to Business Insider's review of earnings call transcripts collected by AlphaSense.
Trump's name was said by CEOs in 88 earnings calls over the past 30 days compared to only 5 times in the same period last year.
The CEO of home goods store Restoration Hardware, Gary Friedman, mentioned Trump's name four times in the company's earnings call on April 2.
The conversation around Trump has largely been propelled by the tariffs he's levied on goods imported into the country. For home goods companies like RH, these tariffs have sent stock prices downhill. "Oh shβt," Friedman said on the call right after he heard that the company's stock had plunged 26% in light of Trump's sweeping "Liberation Day" tariffs which imposed duties on 180 countries.
Instances where CEOs have singled out the word tariffs have exploded since last year. CEOs called out tariffs in 569 earnings calls over the past 30 days compared to just 58 instances last year.
On Thursday's earnings calls for the first quarter of the year, Whirlpool CEO Marc Bitzer mentioned "tariffs" 50 times. Bitzer presented them as positive news for the company.
"The tariffs will finally help create a level playing field for Whirlpool," he said in the call.
Several other companies repeated the word tariffs like a mantra during calls this week. The game and toy company Hasbro referenced tariffs 35 times during its call on Thursday. Consumer goods company Procter & Gamble mentioned them 26 times.
JPMorgan CEO Jamie Dimon mentioned tariffs five times on the firm's earnings call on April 11. Dimon, who told people fretting about tariffs to "get over it" in January, swung to the other side in his latest letter to shareholders this month, noting that tariffs will "slow down growth."
During the company's earnings call he walked his January comments back further. "I wish I hadn't said it. I was specifically referring tariffs relating to protecting national security," he said. Then, he conceded that "you may need tariffs to help fix some of the problems related to national security."
EV maker Tesla called out tariffs 25 times. Tesla CEO Elon Musk β who is one of Trump's advisors β deflected responsibility.
"I just want to emphasize that the tariff decision is entirely up to the President of the United States," Musk said in the company's earnings call on Tuesday. "I will weigh in with my advice with the President, which if he will listen to my advice but then it's up to him, of course, to make his decision."
Other popular words that have surfaced lately are "mitigate." It was said by CEOs on 209 occasions in the last 30 days compared to 131 times last year.
The word "uncertainty" has also been popular. CEOs used it in 486 instances compared to 284 last year.
CEOs are saying certain words more often this year.
People walking by JPMorgan Chase's Manhattan office tower
Momo Takahashi/BI
JPMorgan promoted 118 people in global banking and markets to managing director.
The bank began announcing the new MDs internally on Monday, a person familiar with the matter said.
Business Insider obtained the full list in global banking and markets β take a look.
JPMorgan Chase this week promoted 118 people in global banking and markets to the rank of managing director, the firm's highest designation outside of the C-suite.
The number is up slightly from the 116 executives the firm elevated to managing director in these business lines last year.
The new MDs sit within JPMorgan's commercial and investment banking unit, which advises companies with mergers and stock sales and facilitates trades for large investors. In addition to bankers and traders, the company also elevated people who work in functions like legal, risk, and compliance.
The bank began internally announcing promotions across the company on Monday, a person familiar with the matter said. It's part of an annual investment banking ritual the bank engages in each April.
Eighty-six of this year's new MDs in the division sit within banking, including M&A advisory and corporate lending; another 32 are in markets. An analysis of the new managing directors' LinkedIn profiles shows they stem from all over the world. Some are based in New York or Dallas; others in London, Frankfurt, or Singapore. As of press time, many members of this year's MD class had not updated their LinkedIn pages with their new roles, leaving the title of "Executive Director," one rung below MD, in their profiles.
The commercial and investment bank generated roughly $19.7 billion in revenue for the first quarter of the year, according to the bank's most recent earnings figures; that's up nearly 12% year over year. Banking and payments revenue of $8.7 billion was up 4% year over year; markets and securities services revenue was up 19%. (Markets-specific revenue of $9.7 billion was up 21%, the firm said, amid heightened equities activity.) Overall, JPMorgan said this month that it produced $14.6 billion in net income for the quarter.
"Clients have become more cautious amid an increase in market volatility driven by geopolitical and trade-related tensions," Jamie Dimon, the company's CEO, said in a statement accompanying the release. He also recently addressed a variety of issues facing the economy and US democracy, including stagflation and the specter of a possible recession, in his annual shareholder letter.
Last year, JPMorgan was the third-ranked M&A advisor globally (after Goldman Sachs and Morgan Stanley) and second-ranked in the US (after Goldman), according to the deal tracking firm Dealogic. Globally, the firm advised on 403 transactions with a total deal value of about $760 billion; in the US, specifically, it worked on 228 deals with value of roughly $481 billion, Dealogic found.
When Gustavo Schwed was considering a career in finance in the late 1980s, climbing the corporate ladder was a preoccupation for working people, not students.
"People didn't really give their job as much thought until, really, the summer between their junior and senior year β if then," said Schwed, a New York University professor who started in investment banking and then worked in private equity for about 25 years.
The path to enter Wall Street has changed radically since then. Investment banks now compete with multibillion-dollar hedge funds, private equity firms, "elite boutique" banks, and even tech companies for talent, resulting in a mad rush for recruits earlier than ever.
Students who aspire to become dealmakers, traders, and investors must begin preparing as soon as their freshman year to win the internships that open the right doors. Those who wait or don't learn the recruiting game quickly enough risk being left behind. (This is the first in a series of stories about how the path to Wall Street is changing and the impact it is having on young people and the industry at large.)
Even willing participants recognize the absurdity. A Wharton student who recently signed a 2026 internship offer at an investment bank put it this way: "I am a sophomore in college, and it's kind of outrageous that we have to decide at this age β I just turned 20 β what my first job is out of college."
So why are they doing it? What is motivating record numbers of students in some cases to pursue Wall Street jobs when the path is such an obstacle course? And do they understand how crushing an entry-level job on Wall Street can be, with stories of people collapsing from exhaustion?
To help answer these questions, Business Insider sent out a survey to undergraduate finance students and members of campus finance clubs β which are often used as a stepping stone to a Wall Street internship β asking about their career tracks, expectations, and motivations. In addition to the 150 survey responses we received across about a dozen schools (which is not a scientifically representative sample), we also interviewed about 30 students from schools such as the University of Pennsylvania, Georgetown University, and New York University. They asked to be anonymous to protect their future careers.
The students we talked to expressed complicated feelings about their chosen career track. Some of them have embraced the challenge, while others said they worried about the industry's reputation for chewing up young talent. They are skeptical of Wall Street institutions' recent promises to do more to protect them from burnout, but ultimately feel they have little choice if they want a career in investment banking, private equity, or hedge funds.
Investment banking still rules at the entry level
It used to be that investment banking was the only point of entry to the vast majority of finance jobs, but many hedge funds and private equity firms, including the investment behemoths Balyasny and Citadel, are now investing in their own training programs.
Despite the growing number of options, most of our survey respondents β 74% β said they planned to start their finance careers through the traditional investment banking path. In interviews, students said they saw this path as opening the most doors, making it ideal for people who aren't quite sure what they want to be when they grow up.
As one Columbia junior who has secured an investment bank internship explained: Investment banking is simply ground zero for every other job in finance. (It also offers the most entry-level jobs in finance.)
"There's so many avenues in which you can kind of exit," the Columbia student said, referencing opportunities to get recruited to work for hedge funds, private equity, and even private credit, which raises money to make unregulated loans.
The Wharton student agreed, saying the range of possibilities was the most attractive reason to pursue banking after graduation.
"If I like it, I can stay with it. If I don't, there are other opportunities out there," he said. "I think working at a job like investment banking keeps those doors open."
The downsides to a career in finance
When the students were asked to rate their level of concern with five common topics relevant to a finance career β on a scale of 1 to 4, with 1 being not concerned about a given point and 4 being very concerned β long hours had the highest average score, followed by high stress.
Entry-level investment bankers, who carry titles like analyst and associate, are known to clock in anywhere from 80 to 100 hours a week, often working on tedious tasks like formatting PowerPoint presentations and cleaning up Excel sheets. The junior banker lifestyle can be so grueling that entire businesses have spawned to poke fun at it online. Hours can be less onerous at private equity and other so-called buyside firms, but still much more than a 9-to-5 job.
The debate about junior banker working conditions intensified during the pandemic, when M&A jumped to record levels, and again last year following the death of a 35-year-old Bank of America associate. His cause of death was a coronary blood clot, which prompted widespread speculation and drew attention within the bank to what current and former employees said were weaknesses in systems for tracking junior banker hours. Bank of America and JPMorgan later announced new guardrails meant to prevent burnout.
The students who spoke with BI, however, said they didn't believe Wall Street's hard-charging apprenticeship model would change.
"Who are the decision-makers? It's people who are 20, 30 years older. They don't care. It's just the generation they were raised in," a junior at New York University said.
A second NYU student described the long hours and tedious work as a rite of passage β a badge of honor, of sorts.
"I feel like it's a culture of giving back, but in a negative way. People I talk to are like: 'Wow, you guys are so lucky as analysts, you guys can actually go home to sleep. Back in my day, you slept at the desk.'"
What they want
To understand students' motivations for pursuing finance careers, we asked them to score the importance of five factors they might want in their first job on a scale of 1 to 4, with 1 being "not important" and 4 "very important."
Students rated compensation and exit opportunities, or the ability to transition to better roles or firms, as the two most important factors.
Investment banks pay their entry-level analysts upward of $110,000 in base salary with year-end bonuses that can add anywhere from $40,000 to $60,000 to their yearly compensation, depending on deal activity. (By comparison, the average yearly wage in the US is about $66,000, according to the Social Security Administration.)
Finances also ranked highly when it came to long-term goals. When asked about their future careers, the majority rated financial freedom as the most important quality. Meaningful work and the ability to control their own schedules ranked lowest in importance on a scale of 1 to 4, with 4 being the most important.
What students really want could also be gleaned from their write-in answers to other survey questions. When asked about their dream finance jobs, many of them spoke of investing or becoming their own boss one day.
Some 29 out of 150 write-in responses included aspirations of entrepreneurship, running their own business, or holding a C-Suite position.
These responses included aspirations like being an "entrepreneur," "starting my own business," "running my own investment firm," as well as becoming a "CFO of a Fortune 500 company" and "CIO of a hedge fund."
Many of these answers also overlapped with buy-side aspirations β like students who said their dream was to "own my own hedge fund," or "run my own small PE firm."
Eighty-five answers (equivalent to about 57% of respondents) mentioned private equity, hedge funds, or venture capital in some way. Notably, just 15 answers about long-term dream jobs in finance mentioned banking.
Determined to succeed
Students interviewed by BI seemed to understand the challenges they could face on Wall Street. Some said they welcomed the grind.
"My goal, especially right out of college in those first five years from when I'm 22 to like 27, is to work as hard as I can," the sophomore at Wharton told BI, adding, "I think people that work hard get rewarded."
Other students seemed to see Wall Street's hard-charging apprenticeship model as the price of entry. An NYU student whose older sibling also took the investment banking career track said she was nervous but pushing ahead.
"My dad was really worried," she said of her sibling's early banking career. "It does scare me, but that's just part of the job. We already know that. You know this going into it."
Of course, few undergrads have actually experienced 80- or 100-hour workweeks, as another Georgetown student noted.
"Saying that to a lot of people who have not worked even, like, 40 hours in a week before in their lives with no conceptualization of a normal workweek β that's going to go in one ear and come out the other," the student said.
This student avoided the traditional investment banking route specifically because of its reputation for grinding down young talent.
"Part of my consideration for asset management was definitely like, I would not risk my own mortality by a career choice," he told BI.
And while most seemed to accept the prospect of being tethered to their desks, one student said she planned to push back if demands got too onerous.
"Any job, regardless of exit opportunities, how much you're passionate about the job, how much larger your pay β it should not be killing its employees," said the second NYU student, who is set to intern at an investment bank this summer. "There's just certain things I won't compromise regardless of outcome. I think dying is one of those things. You know, if you think you're going to be hospitalized in a day, you feel faint in a day, like, I think you just have to set boundaries."
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"If there's unfairness, deal with it. But yeah, we should be careful. I don't think anyone should assume they have a divine right to success, and therefore, don't worry about it." JPMorgan's CEO Jamie Dimon said.
Noam Galai via Getty Images
Jamie Dimon says the US should be wary of what its tariffs could do to its credibility.
Dimon said the US is "still a haven" because of its economic and military strength.
But no one should assume they "have a divine right" to success, Dimon said.
JPMorgan's CEO Jamie Dimon said he hopes the US won't grow complacent amid the chaos surrounding President Donald Trump's on-and-off again tariff policy.
Dimon was speaking to the Financial Times in an interview published Tuesday. Dimon was asked if Trump's push for reciprocal tariffs would hurt the US's credibility.
"The US is still the most prosperous nation the world has ever seen," Dimon told the FT, adding that the US is "still a haven" because of its economy and military strength.
"But yes, a lot of this uncertainty is challenging that a little bit. So you're going to be reading about this nonstop until hopefully these tariffs and trade wars settle down and go away so people can say, I can rely on America," Dimon said.
Dimon said he was more concerned about what the tariffs could do to America's relationships than its impact on the markets.
"I am not worried about the markets as much as I am about keeping the Western world together, free and safe for democracy. And that, to me, means you want to strengthen the economic relationships," Dimon told the FT.
"If there's unfairness, deal with it. But yeah, we should be careful. I don't think anyone should assume they have a divine right to success, and therefore, don't worry about it," he added.
Trump announced sweeping tariffs on over 180 countries on April 2, or what he called "Liberation Day." A baseline rate of 10% was first imposed on April 5. A set of higher tariff rates that varied by country took effect on April 9 before Trump announced a 90-day pause on the same day.
Before announcing the 90-day pause on tariffs, Trump said he had watched an interview Dimon gave to Fox Business on April 9. Dimon said in the interview that it is "perfectly reasonable for someone to say that trade was unfair" but added that a recession is now a "likely outcome."
To be sure, Dimon struck a more optimistic tone when he was asked about Trump's tariff policy earlier this year.
Dimon said in a January interview with CNBC that tariffs are an "economic weapon" that could bring benefits depending on how they are used.
"I would put in perspective, if it's a little inflationary, but it's good for national security, so be it. I mean, get over it," Dimon told CNBC.
Representatives for Dimon at JPMorgan did not respond to a request for comment from Business Insider.
JPMorgan's 1Q earnings call was focused more on what the bank's data might say about the economy.
Banks execs said consumers are front-loading spending as corporate clients pause activity.
Jamie Dimon pushed for a quick resolution of trade deals to stabilize the global economy.
Consumers are trying to front-run tariffs, companies are in "wait-and-see" mode, and market volatility shows no sign of waning.
These are just some of the trends to emerge from JPMorgan Chase's first-quarter earnings call on Friday as analysts and investors clamored for insights into how Trump's tariff policies might be impacting the broader economy. The bank reported better-than-expected results for the three months ending March 31, but all eyes were on what bank execs might have gleaned about the economy since Trump's tariff policies went into effect on April 2.
CEO Jamie Dimon called upon the Trump administration to finish negotiating trade deals and get it done sooner rather than later. And when asked how the current economic and political situation compares to the past, Dimon said it remains to be seen.
"This is different. This is the global economy," he said in response to an analyst's question. "The most important thing to me is the Western world stays together economically, when we get through all this, and militarily, to keep the world safe and free for democracy. That is the most important thing."
Consumer spending patterns
Chief financial officer Jeremy Barnum described an economy that is still intact but bracing for trouble ahead. Consumers are still spending, but some of that is "front-loading spending" to get ahead of tariffs, Barnum said.
"Another thing that we are seeing, looking at the April data, would appear to be a little bit of front-loading of spending, specifically in items that might have prices go up as a function of tariffs," Barnum said.
The bank saw some weakened spending among lower-income consumers but "no evidence of distress." In fact, Barnum said, some of the increases in April spending were driven by lower-income consumers.
Barnum also said the bank has seen a dip in spending on travel but was reluctant to draw conclusions about whether this suggests a tightening of the purse strings.
"It's not obvious to us that that's necessarily an indicator for broader patterns," Barnum said. "There are a variety of potential explanations for the narrow drop in airline spend."
Loans and liquidity
The bank boosted the amount it sets aside for credit losses by $973 million to $3.3 billion, citing a worse macroeconomic outlook.
Barnum said JPMorgan is not yet seeing a deterioration of lending quality, and loans are still being paid at the expected rate. Still, the bank is building reserves of $441 million for consumer lending and $549 million for wholesale lending to protect against people and companies not paying their loans.
Barnum said the firm has not seen "meaningful, observable draws" from clients, suggesting that client are not withdrawing their funds or using up their lines of credit to deal with losses.
He said some of the firm's large institutional clients have discussed shoring up liquidity, but the firm has not seen clients take out more loans to meet those liquidity needs. Loans tied to market activity have increased, however.
Trading and banking
Both JPMorgan and its crosstown rival Morgan Stanley posted strong first-quarter revenues tied to their role executing trades for large investors, a trend that's only expected to have accelerated since Trump's tariffs sent markets spinning on April 2.
"I think this just happened to be very favorable conditions that we've managed very successfully," said Barnum.
Barnum said that market conditions are causing them to adopt "a cautious stance" on the investment banking outlook and are seeing a "wait-and-see" attitude from corporate clients.
"I think we would characterize what we're hearing from our corporate clients as a little bit of a wait-and-see attitude," Barnum said. "I do think you see obvious differences across sectors. Some sectors are going to be much more exposed than others and have more complicated problems to solve."
The banking giant posted strong growth in revenue and profits but also grew its reserves.
CEO Jamie Dimon said the US economy faces "considerable turbulence" from tariffs and other factors.
Jamie Dimon reiterated his warning about a turbulent US economy in JPMorgan's first-quarter earnings report on Friday, as the banking giant reported earnings that beat Wall Street's expectations.
JPMorgan's net revenue rose 8% year-on-year to $45.3 billion, driving net income up 9% to $14.6 billion.
The bank bolstered its provision for credit losses β money set aside in anticipation of bad debts β by $973 million to $3.3 billion in the first three months of this year, citing a worse macroeconomic outlook.
JPMorgan reported earnings per share of $5.07, trouncing AlphaSense's consensus forecast of $4.65.
Shares rose 2.6% in premarket trading. The stock has fallen 5.4% this year.
"The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and "trade wars," ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility," Dimon commented in the earnings report, pulling from his letter to JPMorgan shareholders on Monday.
In his letter, Dimon cautioned the Trump administration's latest tariffs were likely to accelerate inflation and slow the US economy's growth. He also said he supported the US demanding that "unfair" trade and tax policies be rectified.
The billionaire banker later told Fox Business that a recession had become a "likely outcome."
Fintech entrepreneur Charlie Javice was convicted of four counts of defrauding JPMorgan.
Brendan McDermid/Reuters
Lawyers for fintech fraudster Charlie Javice have been seeking post-verdict interviews with jurors.
Several "have expressed concerns and discomfort" over these inquiries, the judge told the lawyers.
A new court filing reveals the judge sternly warned her lawyers to keep their conduct professional.
Lawyers for fintech entrepreneur Charlie Javice have been seeking post-verdict interviews with the federal jurors who convicted her of fraud in Manhattan last week β leaving one so rattled that they reached out to the US Marshal Service to complain.
"Several jurors have expressed concerns and discomfort from efforts by the defense attorneys to contact them and inquire about jury deliberations," the trial judge wrote to the defense team, revealing the jurors' concerns in a sternly worded warning letter.
Signed by US District Judge Alvin Hellerstein, the one-page letter was sent to the defense team ten days after Javice was found guilty of tricking JPMorgan Chase into spending $175 million for her student financial aid startup, Frank. The letter was made public the next day, on Tuesday.
In it, Hellerstein notes that "post-trial communications and contact with jurors are permissible after the jury has been discharged."
He then orders the defense team and anyone working for them to follow New York state's rules for the professional conduct of attorneys.
The rules bar attorneys from contacting discharged jurors under certain circumstances, including if the juror has made clear they do not want to communicate with the lawyer and if the lawyer's communication involves "misrepresentation, coercion, duress or harassment."
Lawyers who violate the rules of conduct can face disciplinary action, including a judge's reprimand, and, in extreme cases, the suspension or loss of one's license to practice law.
In response to an inquiry from Business Insider, a representative for Javice called it "customary and entirely appropriate" for defense consultants to investigate "potential avenues for post-trial motions and appellate relief" after a verdict.
"No misrepresentation has occurred, nor has any conduct been improper," said the rep, Juda Engelmayer, president of the New York-based public relations firm HeraldPR. "In any instance where an individual has requested not to be contacted, such requests are fully respected."
Javice, 33, remains free on $2 million bail pending a sentencing scheduled for August 26. Her codefendant, Olivier Amar, is scheduled for sentencing on July 23. Their fraud and conspiracy convictions carry a potential maximum sentence of 30 years in federal prison.
Both have been fitted with ankle monitors β over their strenuous objections β while they remain free pending sentencing. Both are continuing to fight the requirement that they wear the bulky accessory.
Lawyers for Javice have argued that wearing a monitor makes it "impossible" for her to teach Pilates in her home city of Miami Beach. "To have your legs in the air and the monitor going up and down on your leg β it is a significant encumbrance," her attorney, Ron Sullivan, told the judge during arguments last week. An attorney for Amar argued that wearing a monitor "makes him a pariah."
The judge expressed concerns that both defendants have citizenship in countries that do not extradite β Javice is a dual US and French citizen β and said last week that he would issue a ruling at a later date.
These are just some of the management philosophies of Jamie Dimon, the billionaire banker and two-decade veteran CEO of America's biggest bank by assets, JPMorgan Chase, which will report its first-quarter earnings later this week.
In his newly released annual letter to shareholders β which the bank published on Monday β Dimon tackled a range of topics, from stagflation to the future of the US democracy. The CEO also outlined some of the "management tricks and tools" that have vaulted him to the zenith of Wall Street and corporate America.
Among them: Make follow-up lists. Refrain from pulling Dimon aside after a meeting to surreptitiously share grievances. Author your own memorandums and go right to the source when you want answers, even if it means breaking through the chain of command.
He reflected on a time when he worked through intermediaries while at Bank One, the firm he ran from 2000 to 2004 before JPMorgan Chase. One day, his wife phoned him to report that one of the firm's ATMs was malfunctioning.
Within the walls of the bank, one of the executives Dimon spoke with assured him everything was fine. But when the executive drove out to inspect the ATM β at Dimon's behest β he discovered it was, in fact, faulty. Dimon, in turn, instructed the exec to fire the third-party vendor to whom they'd outsourced monitoring the ATMs. "Now we track it ourselves," he said.
And, if your cell phone rings and "Jamie Dimon" pops up on Caller ID, it would be advisable to leave the fanciful corporate jargon at the door.
"Regarding communications, avoid management pablum," he wrote in the section outlining his leadership strategies and advice. "It's a pet peeve of mine. Talk like you speak β get rid of the jargon."
'Morale sucks because we suck'
Dimon is known for breaking with his buttoned-up counterparts across the Street when it comes to straight talk, including recently when he launched into an expletive-laced soliloquy to defend the firm's five-days-a-week return-to-office rule.
Dimon's pronouncement has been met with resistance inside JPMorgan, where some employees have contemplated unionization and strategized their next moves in private group chats. But this isn't the first time Dimon has remained steadfast in the face of complaints of plunging morale, he said.
He recalled visiting a local Bank One branch β one of the firm's roughly 1,800 retail outposts β and realizing that it was open for fewer hours than a rival bank nearby. Quickly, Dimon figured out that the shorter branch hours were actually a companywide issue β one that he was disappointed he didn't catch sooner β and he felt it needed to be corrected.
He decided to increase the branches' hours to match competitors, knowing this would likely damage morale.
"I said, 'We've got to change it. We're here for customers,'" he recalled. "Obviously, I care about morale β but morale sucks because we suck. Morale will get better when we're better as a company.'"
In yet another lesson, Dimon encouraged leaders to push back against tropes like "that's the way we've always done it" to justify misguided decisions. "It's important for leadership to always question what their company does and why," he wrote. The criticism comes amid a company-wide crackdown, led by Dimon, on bureaucracy and inefficiencies.
To illustrate his point, Dimon recalled dismissing a battalion of 500 management coaches the firm had been outsourcing. He cut the expense shortly after he joined JPMorgan.
"Lots of times bad habits form and people get lazy, take shortcuts or don't care enough," he wrote. "I did it because it's a leader's job to coach, and we basically had outsourced management," he added, explaining his rationale. "In my entire career, I've rarely seen this kind of outsourcing of responsibility succeed."
Dimon also said that a life of all work and no play risks leaving a person dull. Our jobs, he says, should still be enjoyable, even when we need to confront big challenges or own unpopular decisions.
"We spend the vast majority of our waking hours at work," he concluded. "It's our job to try to make it fun and fulfilling."
Reed Alexander is a correspondent at Business Insider covering Wall Street. He can be reached via email at [email protected], or SMS/the encrypted app Signal at (561) 247-5758.
Jamie Dimon did not use the word "diversity" in his annual letter to shareholders.
Win McNamee/Getty Images
Jamie Dimon's annual letter to JPMorgan shareholders does not include the word "diversity."
Diversity, equity, and inclusion initiatives have faced setbacks since Donald Trump's presidency.
JPMorgan renamed its DEI program to Diversity, Opportunity & Inclusion last month.
There was a certain word missing from JPMorgan CEO Jamie Dimon's annual letter to shareholders: diversity.
His yearly missive, which is closely watched in the world of finance and investments, dropped Monday and was largely focused on the uncertainty facing the world in 2025.
In January, Dimon voiced his continued support for the bank's DEI work, defending it against anti-diversity activists who appeared to be targeting it. Two months later, JPMorgan renamed its program to "Diversity, Opportunity & Inclusion (DOI)," according to an internal memo seen by Business Insider.
In Dimon's Monday letter to shareholders, he used the phrase "equal opportunity" numerous times and cited one of America's founding ideals, that it is a nation "conceived in liberty and dedicated to the proposition that all men are created equal. "
"Our values transcend any political stance β libertarian, conservative, progressive, Democrat or Republican. We need to believe in ourselves and get back to work (in the office!), not tear each other down," he wrote.
Changes from 2024's letter
In addition to frequent mentions of diversity, 2024's letter featured a subheading that read "our extensive community outreach efforts, including diversity, equity and inclusion" under an "update on specific issues facing our company" chapter.
"We believe β and we are unashamed about this β that it is our obligation to help lift up the communities and countries in which we do business," Dimon wrote last year.
Dimon then listed 12 initiatives led by JPMorgan to reach that goal, including "Women on the Move," an organization that empowers women in their careers; "Advancing Black Pathways," a program that supports Black Americans; and "Entrepreneurs of Color," a lending program for small business owners.
None of these programs were specifically mentioned in 2025's letter, and just one paragraph directly mentioned Black, Hispanic, and Latino communities.
"We expanded our $5,000 Chase Homebuyer Grant program to include more than 15,000 majority Black, Hispanic, and Latino communities (where the grant is available to all)," it said.
The letter added that Chase operates 19 community centers and branches that are "often located in areas with larger Black, Hispanic or Latino populations" as part of the bank's localized investments initiative.
Asked for comment, JPMorgan directed BI to a letter to clients from COO Jennifer Piepszak in which she emphasized the bank's "belief in the power of a diverse workforce."
Jamie Dimon said meetings should be purposeful, quick, and involve only the necessary people.
Kimberly White/Getty Images
Jamie Dimon said he wants to "kill meetings" because it slows work down.
Dimon emphasized meetings should be purposeful, quick, and involve only the necessary people.
He has criticized virtual meetings because he thinks employees are distracted with side tasks.
Jamie Dimon, who has a long list of frustrations with meetings, offered a set of strategies to make them better.
In his 2024 annual letter to shareholders released Monday, the JPMorgan CEO said he wants to "kill meetings" because they "slow us down."
But when meetings must happen, they need to start and end on time. They should also have a leader, a purpose, and a follow-up list, Dimon wrote.
He emphasized the importance of reading before a meeting β he said he does it. Dimon also recommended that employees prepare to discuss a new product in a meeting by first writing a press release. This helps them focus and identify questions that may be asked.
Once in the meeting, pay attention, he said.
"I see people in meetings all the time who are getting notifications and personal texts or who are reading emails," Dimon wrote.
The CEO added that there is no need to include people who are not necessary.
"Sometimes we think we're just being nice by inviting people to a meeting who don't have to be there. Sometimes we over-collaborate," he wrote.
Dimon also repeated his long-held ire with side meetings, in which executives approach him afterward to discuss a matter they didn't want to bring up in front of others.
"That's not acceptable. Don't bother. I'm not their messenger. Lay it on the table in real time," he wrote in Monday's letter.
In the wide-ranging 58-page letter, Dimon dove into recent tariffs and how they will impact the US, the investment bank's performance, and leadership lessons, including mistakes he has made in his career.
Dimon, who has led the bank since 2006, has repeatedly expressed his pet peeves about certain kinds of meetings and how they encourage bureaucracy.
"A lot of you were on the fucking Zoom and you were doing the following," Dimon said in the recording, "looking at your mail, sending texts to each other about what an asshole the other person is, not paying attention, not reading your stuff."
Clips of the audio recording, which is filled with anecdotes and profanities defending return-to-office, gained millions of views on social media.
Zoom meetings are not the only kind Dimon hates.
In last year's letter to shareholders, the CEO took aim at companies' Annual General Meetings and complained that they've become places of "spiraling frivolousness" and "showcase of grandstanding" that need to be reformed.
Annual meetings are required for public companies so investors can vote on the board of directors and corporate changes. These meetings range from staid company conferences to splashy events in exotic destinations. Berkshire Hathaway's annual meeting draws thousands of devotees from around the world to Omaha.
"Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth," Dimon said in the 58-page letter, which was released Monday and addressed various topics, including immigration and the state of civil discourse.
"While inflation has come down," he wrote, "most of what I see in the future is inflationary: continued high fiscal deficits, the remilitarization of the world and the need for infrastructure investment, including the green economy and the restructuring of trade and tariffs."
Dimon said he expected rising costs to create a "tug-of-war" over the direction of interest rates, with long-term borrowing costs ultimately heading higher. "All things being equal, the slower the growth, the lower the interest rates, and the higher the inflation, the higher the interest rates," he said.
He even referenced "stagflation," a term popularized before the turn of the century to describe an unpleasant cocktail of high inflation, high unemployment, and tepid economic growth.
"This tug-of-war can go on for some time, but it's good to remember that in the stagflation of the 1970s, recessions did not stop the inexorable trend of rising rates," he wrote.
Dimon stopped short of saying the economy is headed for a recession. Following a two-day stock sell-off last week, the dreaded R-word has been on everyone's lips.
He also suggested that the stock market pain may not be over.
"No matter how you measure it, equity valuations are still well above their historical averages," he said, adding: "Markets still seem to be pricing assets with the assumption that we will continue to have a fairly soft landing. I am not so sure."
The CEO's much-anticipated annual letter to shareholders comes as the leaders of corporations seek to understand where the economy βΒ and the nation βΒ is headed under Trump, who has bold plans for reorganizing the federal government and US foreign policy.
Dimon used his letter to opine on various problems facing the US, as well as prospective solutions.
"To be able to attack our problems at home and abroad, we must be strong. And our core strength is based upon our commitment to our values, as well as our ability to work hard and think intelligently about our problems," Dimon wrote, adding that he supported some policy positions of both Democrats and Republicans.
The letter also touched on what he deemed "common sense" solutions to the nation's problems, including tightening security at the border and doing away with special interests, or what he called "selfishness on the part of our citizens and elected officials."
Some Wall Street watchers have long suspected that the billionaire banker β a regular pontificator on world events β has harbored ambitions to seek public office, though he said last year that he would not seek a position in the Trump administration.
Dimon bemoaned the increasingly acrimonious tone infecting the public discourse. Indeed, he said that Americans are "meaner to each other" and that "a little more kindness and understanding would go a long way."
Dimon added: "I am a firm believer that we should constantly talk with each other, air our views, hold each other accountable and try to respect all sides of an argument." He said social media algorithms had amplified the problem.
JPMorgan posted a record $54 billion in profit in 2024 and has since called employees back to the office five days a week, a mandate that has led some employees to explore their options, including unionization.
Last year, the bank also earned a record $58.5 billion in net income, up from $49.6 billion the year before, it said in its earnings filings. The firm's stock is up about 6% over the past year, trading as of early April at about $210 a share.
The Senate voted to squash a rule limiting bank overdraft fees to $5. The House still needs to vote.
Banks collected about $5.8 billion in overdraft fees from consumers in 2023.
From JPMorgan to Wells Fargo, see what banks earn in overdraft fees.
Bank overdraft fees appear to be back on the table following years of decline βΒ and the largest banks stand to gain the most.
The Consumer Financial Protection Bureau in December moved to limit the fees banks can charge customers whose accounts dip below their available balances. The CFPB's rule, set to go into effect later this year, would have capped overdraft fees to $5 at banks with at least $10 billion in assets.
On Friday, the US Senate voted down the rule, which the industry largely opposed. The House of Representatives is expected to vote on it next week.
"We applaud today's Senate passage of the Congressional Review Act resolution nullifying the CFPB's unlawful overdraft rule," Rob Nichols, the president and CEO of the American Banking Association, said in a statement. "Without access to overdraft protection, many Americans would be driven to less regulated and higher risk nonbank lenders to cover unexpected or emergency expenses."
Overdraft fees have been on the decline in recent years amid criticisms from the CFPB, which referred to them as "junk fees." Banks reported $1.36 billion in such fees for the first quarter of 2024 β down from $1.41 billion during the same period the year before and the lowest in three years, according to S&P Global Market Intelligence.
In 2023, the last full year for which the data is available, consumers paid about $5.8 billion in fees for insufficient funds in their checking accounts, down from about $12 billion in 2019, according to the CFPB.
Overdraft fees from 2015 to 2023
Screenshot of CFPB data
Not all banks charge overdraft fees β some firms like Charles Schwab and Capital One have ditched them altogether, according to NerdWallet. In recent years, Americans have been making using overdraft protection more infrequently, too.
Other firms have modified how and when they levy these fees. JPMorgan Chase and TD Bank may only charge an overdraft fee under certain circumstances, NerdWallet said, such as when an account is overdrawn by more than $50.
Limited information is available about what banks earned from overdraft fees in 2024. According to the CFPB, here's a look at what banks earned in 2023.
JPMorgan: $1.1 billion
Wells Fargo: $937 million
PNC: $258 million
Truist: $231 million
US Bank: $214 million
Regions: $211 million
TD Bank: $210 million
Bank of America: $140 million
Reed Alexander is a correspondent at Business Insider. He can be reached via email at [email protected], or SMS/the encrypted app Signal at (561) 247-5758.
