JPMorgan’s Crackdown on Job-Hopping Grads: Take Another Offer, Get Fired

JPMorgan Chase has drawn a hard line in the sand for incoming analysts: accept another job offer within 18 months, and you’re out. The message with this policy, delivered via email to new U.S.-based graduate hires, marks one of the strongest policy moves yet from a Wall Street firm against job-hopping—and underscores CEO Jamie Dimon’s increasingly public frustration with what he calls “unethical” career behavior.

The memo, sent by Filippo Gori and John Simmons, co-heads of global banking at the $730 billion banking titan, made the policy clear. If graduates accept a competing offer before joining, or within their first year and a half, they will be terminated. “Your full attention and participation are essential,” the email read, warning that even missing mandatory training or meetings could lead to dismissal.

This aggressive policy is JPMorgan’s response to a growing trend among U.S. graduates and the Gen Z work ethic: accepting analyst roles at major investment banks while quietly securing future-dated positions at private equity firms or hedge funds. The practice, while not illegal, raises ethical concerns and logistical risks for banks like JPMorgan, which invest heavily in training and onboarding junior talent.

Jamie Dimon has long expressed disdain for this type of “career hedging.” Speaking at a university event in 2024, he didn’t mince words:

“You work at JPMorgan, then take a job at a private equity shop before you even start with us? That’s unethical. I don’t like it.”

While this kind of job maneuvering and this new Gen Z work ethic has become a known (if unspoken) part of Wall Street culture, JPMorgan’s decision to confront it head-on marks a shift in how banks are willing to protect their workforce investment. Jamie Dimon and company argue that early departures not only create talent gaps but also pose potential security concerns, as departing analysts may take confidential strategies or sensitive data with them.

The memo appears to be focused solely on U.S. recruits, as the issue is less prevalent in other regions. However, it sends a clear signal: JPMorgan’s policy wants loyalty from the start and is done with the Gez Z work ethic.

Critics have noted the irony, pointing out that private equity firms represent a significant portion of JPMorgan’s client base. Cracking down on analyst transitions with Gen Z work ethics could strain relationships with key partners. Still, the bank seems undeterred.

In the cutthroat world of high finance, where talent churn is often seen as inevitable, JPMorgan Chase’s hardline stance may be a test case for broader industry change. With job-hopping increasingly normalized among Gen Z and millennial workers, the question is whether other Wall Street giants will follow suit—or if such rigid rules will backfire, pushing top talent elsewhere.