Just saying as most of the hire ups are be recruited from JPMC. Does this imply, all the controls and process JPMC have are world class - leading to poaching the bright and the brightest.. There are so many banks in the US and why we don't see new hires from say Citi / BoA / Capital One, etc.? Or is it just - hey I like you - you like me sort of relationship between hiring manger and the new hires?
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the fact something is 'not unusual' doesn't make it right.
I figured he can't find black talent for that reason. If you're looking into your non-diverse pool of candidates, you can't truly be committed to diversity.
If he wants us to believe otherwise, he should demonstrate his commitments by own actions. Post those jobs, give executive recruiters a run for their money to bring qualified and diverse talent. Live 'candor' and the other expectations you put on your subordinates.
the guy in the top chair got his start there based on a family referral/recommendation.
Seems that this trend continues (family/friends are in the same category to me).
JPMC has long been considered the best bank in the country. It's only natural that it would be the place to poach "talent" from. Especially so when the guy in captain's chair got his start there.
Not doubting that Charlies is poaching known entities from Chase – why take chances on hires he has never worked with? It really isn't that unusual.
But also, why would someone from Citi or BMO or US Bank or PNC blah blah blah come here, unless they had a buddy in high places who could guarantee them a very sweet deal and reassure them on the risks? The company is a dumpster fire, many probably wouldn't take that risk without a personal connection to the CEO.
His approach won't encourage diversity of thought, necessary, but I suppose he thinks JPMC is the bomb so why get his ideas from anywhere else?
JPM just got fined $1B for rigging metal markets, half a trillion in money laundrying d–g dealer money and massive employee PPP fraud. They're far far worse than WF, they just know how to cover things up, much better PR.
JPMC definitely does many things right and Jaime is the lynchpin. He is truly gifted, and the quality of the leadership team has definitely improved over the past 10 years. That being said, the people leaving for WFC are of a different caliber. CS is a cost cutter....period. When the mortgage crises hit, he slashed heads in the Mortgage business line to reduce expenses. The end result was consent orders, MRIs, fines etc due to inability to service delinquent customers. That’s why he was booted. His people from JPMC are SP and MW and a handful of others below them. MN definitely had no ties to him previously, so not sure where she would stand. SP and MW do know her well, and are at best indifferent towards her. SVB is a man of integrity...a true rarity at his level when at JPMC. I see a lot of comments here about lack of clarity, etc, but that’s a fact of life at a gigantic bank. The big bank Technology teams spend all of their time fighting fires. Hopefully they can move beyond this and start being stategic.
It’s all good ole boys club. Remember, these guys all hangout at the country club, high priced midtown restaurants, and the Hampton's together