JPMorgan threatens to fire job-hopping junior bankers

Jamie Dimon-led JPMorgan is threatening to fire junior bankers who accept a job offer within the first 18 months of joining the firm as the battle for Wall Street’s top talent heats up.A leaked letter to newly recruited JPMorgan analysts, posted on the Instagram account Litquidity, warns the junior bankers that if they already have a lucrative gig lined up elsewhere, they will be booted out of the bank.“If you accept a position with another company before joining us or within your first 18 months, you will be provided notice and your employment with the firm will end,” according to a memo dated June 4 and signed by JP Morgan’s global banking co-heads Filippo Gori and Doug Petno.“To succeed in the investment banking analyst programme, your full attention and participation are essential,” the missive from the two senior executives continued.The Post has approached a JPMorgan spokesman for comment.The two men also write that “missing any part of the training programme” could also lead to termination and that “avoiding potential conflicts of interest is crucial to maintaining the trust and confidence our clients place in us.”Gori and Petno, seen as a possible successor to Dimon as CEO, added that they would cut the time to takes to reach associate level by six months to 2.5 years in a bid to retain the best and brightest.Their letter stops short of mentioning the private equity industry by name, but it has been a long-established tactic deployed by those firms to poach junior bankers after their training.JPMorgan CEO Dimon, 69, has been a repeated critic of how buyout shops lure newly-minted financiers with eye-popping pay packets that even America’s banking titans cannot compete with.“I know a lot of you work at JPMorgan, you take a job at a private equity shop before you even start with us,” Dimon told a crowd of undergraduate business school students, branding it as “unethical.”“It puts us in a bad position, and it puts us in a conflic...