Jamie Dimon says business school grads taking a private equity job while already working at JPMorgan is ‘unethical’

Business News

But these behaviors have started with the earliest-career professionals—and Jamie Dimon doesn’t like it. Dimon, the illustrious CEO of JPMorgan Chase, spoke of his disdain for private equity’s poaching practices during a talk last week at Georgetown University’s Psaros Center for Financial Markets and Policy.

“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. “I’m going to say something a little different, okay, because I didn’t talk about character. The most important thing about people’s character, I think that’s unethical. I don’t like it.”

Dimon is referring to the wonky practice in which private equity firms begin aggressively recruiting newly minted junior bankers right at the beginning of their career—and even sometimes before. But the peculiarity of private equity’s recruiting practices is that the jobs they’re wooing recent college grads with often don’t start until a date far into the future, usually around two years.  

The college students watching Dimon’s interview knew exactly what he was talking about, with the crowd responding in laughter. But Dimon wasn’t entertained by this response, pushing the severity of the situation.

And JPMorgan has been on the case for a while.

“We understand that the practice of interviewing and accepting a role at another firm has accelerated and is happening even earlier in your career with us,” JPMorgan wrote to new bankers in a communication that was shared by the Litquidity account on Instagram, according to Business Insider. The post is no longer visible.

Getting rid of competition

Not only does Dimon dislike private equity poaching, but he’s spearheading an effort to do away with it all together. 

“I may eliminate it, regardless of what the private equity guys say or the people in the company first, I won’t pay for it,” Dimon said. “It’s not mercenaries. And I think it’s wrong to put you in the position.”

Dimon doesn’t like it because many of these junior bankers who are getting poached have already gone through some job training and have had access to confidential information right before taking the leap into private equity.

“It puts us in a bad position, and it puts us in a conflicted position,” Dimon said. “You are already working for somewhere else, and you’re dealing with highly confidential information from JPMorgan, and I just don’t like it.”

Plus, Dimon says it’s an unfair position for new college graduates who have to undergo rigorous interviewing rounds and complete projects for jobs that won’t start for years.

“It puts the kid in a terrible position,” Dimon said. “I think that’s wrong.”

But Reena Aggarwal, the founding director of the Psaros Center and Dimon’s interviewer, pointed out that banks are also starting to interview undergrad students much earlier on. The banks used to hire students for internships after their junior year, but it just keeps moving earlier and earlier, she said, even before they declare a major. 

“You’re right. You know what? You guys should get together some schools and some of the banks…and we come up with policies,” Dimon said. “We have to put procedures in place to stop that from happening.

But at the end of the day, Dimon still puts the onus of choice on the young professionals themselves to make the right decision.

“You’re going to be facing ethical decisions like that. Think for yourself,” Dimon said. “How would you feel if you’re on the other side of that thing? Or do you want to be treated that way? Is it fair?”

Drew Stevens ‘actually reading now,’ two books boosted Iowa’s kicker’s confidence

Arts & Culture, Books

IOWA CITY — A wry smile spread across LeVar Woods’s face.“He is actually reading now,” Woods said. “I never thought I would get Drew Stevens to read, but he is reading. I am sure his mom will be pleased to hear that. It is probably a page or two a day, but he is working on it.“I think that has helped him.”

Iowa kicker Drew Stevens (18) boots an extra point during their game against Troy on Sept. 17.

NIKOS FRAZIER

The Iowa special teams coordinator’s mischievous grin shifted to a more sincere beam as he discussed Stevens’s evolution as the Hawkeyes’ kicker.“Drew had confidence last year,” Woods said. “I think it was false confidence. I think he would be one of the first to tell you that last year. We talk about, in our room, confidence being a feeling and an emotion. Whereas, conviction is like you know it. There is no other way to see it.“Drew, now, is convicted with his routine in practice. He is convicted with his routine away from the building. He is much more mature, (has) a much clearer head.”

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After connecting on just six of his final 11 field goal attempts of 2023, Stevens started the 2024 campaign 6-for-6 with a long of 46 yards.Prior to the start of his junior campaign, Stevens told the Quad-City Times in August that he no longer defined himself as a “feel” kicker.Instead, the third-year starter sought to become more precise with his approach after discussing his craft with NFL kickers during the offseason.“None of them were ‘feel’ guys,” Stevens said. “I was like, ‘Who am I to think I am going to be the first one to do this?’ And, I tried to be a ‘feel’ guy last season and that did not work out percentage-wise to where I wanted to be.“So, I focused on noticing the details.”According to the Noth Augusta, South Carolina native, a quote from The Twin Thieves: How Great Leaders Build Great Teams, a book the Hawkeye specialist read during the offseason, stuck with him during the process.“’Amateurs practice until they get it right,’” Stevens said. “’Pros practice until they get it wrong.’”The quote helped Stevens establish a routine of visualizing his kick before the snap to clear his mind and improve his field goal percentage.Asked about Stevens’s reading material, Woods’s gave another smile.“He went that far, huh?” Woods said. “Did he tell you about the other book?“The other book that we read was a book called Golf’s Sacred Journey. It talks about a pilot and his checklist that he goes through right before he tries to put the plane up in the air.”To Woods, Golf’s Sacred Journey made an equally noticeable difference in Stevens’s game.“As a kicker, as a specialist, you have to go through your checklist and make sure everything is buttoned up and ready to go before you actually approach and try to hit the ball,” Woods said. “Kicking and punting is a lot like golf … If a guy goes through a checklist and he has checked all the boxes and he has the confidence and the conviction to go after the kick, the results usually turn out.“Drew is doing that right now. It took us awhile to get him to that point, to believe in that, but he is doing well and believing in that.”Woods said he was glad to hear that Stevens no longer saw himself as a “feel” kicker.“You cannot just do everything off feel because emotions get involved,” Woods said. “Things like that cloud your judgement. Drew has definitely become more systematic with what he does.”In addition to his field goal execution, Stevens’s kickoff numbers improved to start 2024 compared to his stats in 2023.“His numbers are up, his hang time is up,” Woods said. “It goes back to what he has been doing. He is kicking the ball really well and the hang time is up. Guys are returning it. They have been paying for it.”According to Woods, the impact of the improvement on kickoffs possesses a clear and obvious impact on the outcome of games and on the Hawkeyes as a whole.“If you go back to the game last week, six kickoffs, Drew had, and four of them were returned,” Woods said. “None of them got passed the 21(-yard line).“It has been helping us psychologically as a football team. It has also been helping us with field position. Field position and special teams turns into points for us. That is part of our game plan each week.”Woods was all smiles during his Tuesday media availability while discussing Stevens’s body of work in 2024 — even though the best may still be to come.“A lot of it for Drew is between the ears,” Woods said. “I have just seen this kid grow and mature every single day. Coach (Ferentz) referenced it the other day. I am like, ‘This kid is playing lights out right now.’“On the national scope, I think it is very quiet, but I think there is a tiger in there getting ready to let loose.”

Iowa placekicker Drew Stevens turned into a “a whole different person” during offseason as he works to find more success in his junior season with the Hawkeyes.

An early interception, a disappointing touchdown and two third quarter passes helped turning momentum in Iowa’s favor in a win over Minnesota on Saturday.

Kaleb Johnson’s hot streak continues and Floyd of Rosedale returns to Iowa City. Plus, three more stand-out storylines from Saturday.

“I am not sure I remember anybody in four games doing what he has done,” Iowa head coach Kirk Ferentz said. “He just continues to run really well.”

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Unlock your business growth potential with the 2025 HoneyBook Growth Guide

Business News

HoneyBook, in collaboration with the Harris Poll, has released the 2025 HoneyBook Growth Guide, an insightful study based on feedback from over 700 marketing and creative business owners. This guide identifies the strategies and tactics that empower high-earning independent businesses to achieve six-figure revenues and beyond. The study highlights what successful entrepreneurs do differently to…

Flower truck business brings DIY bouquets to DC area

Business News

Flower truck business brings DIY bouquets to DC area

This story is part of WTOP’s Small Business September series, sponsored by EagleBank.
It’s now officially fall, which means neighborhoods across the D.C. region will be brightened up with colorful leaves falling from the trees. And one local business is spreading even more color and creativity through a mobile flower truck.
The Calluna Flower Truck offers a unique experience, allowing customers to create their own custom bouquets.
Owner Elissa Abod said her business sources high-quality local and regionally-cut flowers for people who are planning a gift, looking for home decor or just wanting a small creative escape.
“I try to be accessible to all communities,” said Abod, who takes her truck to private parties, markets, festivals and other locations in the region. “I’m really just bringing the truck to create a fun experience and spread joy.”
Calluna Flower Truck is a mobile flower shop owned by Elissa Abod. (WTOP/Nick Iannelli)
The flower truck is hard to miss. It’s a 1951 Chevrolet 3100 pickup truck with a paint job so bright and blue that it almost looks like it would glow in the dark.
Specifically, the color is a robin’s egg blue, also known as “Tiffany Blue.”
The back of the truck is filled with vibrant, seasonal flowers.
Customers step up to the truck, choose from a wide variety of flowers, and craft their own bouquets.
Calluna Flower Truck is an attraction that turns heads wherever Elissa Abod takes it. (WTOP/Nick Iannelli)
Abod, with her expertise in floral design, is always nearby to offer guidance, sharing tips on color pairing and flower arrangement.
“It’s almost like a mobile flower bar,” Abod said. “Everybody picks their own flowers and makes their own bouquet, and then I wrap it up and make it look pretty and they take it on their way.”
The truck itself is an attraction that turns heads wherever Abod takes it.
“It appeals to everybody,” Abod said. “Men come up, and they either want to buy the truck, or they want to know what year it is, and women love the whole concept.”
It can even hold the attention of young kids.
“I love when kids want to buy their parents flowers,” said Abod. “That’s really fun because they kind of get into the process, too, so it’s really fun for everybody.”

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