Jamie Dimon says business school grads taking private equity jobs while at JPMorgan is ‘unethical’

Jamie Dimon doesn't think business school grads should take private equity jobs while working at JPMorgan.

Transcript

00:00The other thing I don't like, I just want to mention this, I know a lot of you, you

00:03work at J.P. Morgan, you take a job at a private equity shop before you even start with us.

00:07It's crazy.

00:08Yeah.

00:09Okay, wait.

00:10I'm going to say something a little different, okay, because I didn't talk about character.

00:13The most important thing about people is character.

00:16I think that's unethical.

00:18I don't like it.

00:19And I've already, I may eliminate it regardless of what the private equity guy say or the

00:24people in the company.

00:25First of all, I want patriots, not mercenaries.

00:28And I think it's wrong to put you in the position where you have to kind of decide

00:31the next career move before you've had a chance to see what one company's like.

00:34So where do you-

00:35Jamie, there's another problem.

00:37So the banks used to come and hire students for the internship after the junior year,

00:44when they were sophomores and well into the junior year, and it keeps moving early and

00:48early.

00:49They haven't even declared a major.

00:50They haven't even tried to figure out what they want to major in, what they want to do.

00:55You know what?

00:56So we had to get together some schools and some of the banks and we, you know, remember

01:00there's antitrust law, but this is called decency and respect.

01:04Can we come up with the policies, you know, get some lawyers in the room that we all agree

01:08to do it because it puts the kid in a terrible position.

01:11And so I think that's wrong.

01:12And it puts us in a bad position and it puts us in a conflicted position.

01:16You are already working for somewhere else and you're dealing with highly confidential

01:19information from JP Morgan.

01:21And I just don't like it.