JPMorgan Warns New Hires: Quit Within 18 Months and You’re Fired

JPMorgan Chase, America’s largest bank, has issued a strict warning to incoming graduate analysts: leaving the company within 18 months of joining or accepting another job offer before starting will lead to termination.

The new policy is aimed at discouraging junior employees from switching to roles at other firms, particularly private equity companies, shortly after joining.

According to a report by Fortune, the bank has informed newly hired graduate employees that future-dated job acceptances or early resignations will result in immediate dismissal.

This message was delivered via email to incoming U.S. analysts, reflecting growing concerns on Wall Street over talent attrition.

A Firm Message to New Recruits

The email, addressed to recent graduates preparing to join the analyst program, was signed by JPMorgan’s co-heads of global banking, Filippo Gori and Doug Petno. The message included a direct warning:

“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,” it stated, as per Fortune’s report.

The email further emphasized the importance of commitment, stating, “Your full attention and participation are essential” to succeed at the financial institution, which has a market capitalization of approximately $750 billion.

JPMorgan also made clear that junior employees would be dismissed for repeated failure to attend mandatory training sessions, meetings, or fulfill their assigned responsibilities.

Policy Targets U.S.-Based Analysts

The communication was only sent to new graduates in the U.S., where the problem is more prevalent compared to other regions.

The bank is responding to the trend of analysts being hired by private equity firms before they even begin their roles at investment banks.

These future-dated offers are part of the so-called “on-cycle” recruitment system, in which private equity companies aggressively pursue banking analysts well in advance.

The policy aims to curb the practice of allowing candidates to complete training at banks like JPMorgan before switching jobs prematurely.

CEO Jamie Dimon’s Stand on Early Quitting

JPMorgan CEO Jamie Dimon had earlier expressed his disapproval of this trend. In September 2024, speaking to a group of undergraduate business students, Dimon said:

“I know a lot of you work at JPMorgan, you take a job at a private equity shop before you even start with us.”

He then added, “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 stated that the practice “puts us in a bad position, and it puts us in a conflicted position.” He was particularly concerned about the sharing of sensitive data: “You are already working for somewhere else, and you’re dealing with highly confidential information from JPMorgan, and I just don’t like it.”

A Clear Policy with Defined Consequences

Prior to this latest letter, the bank had already asked incoming analysts to disclose whether they had accepted any future-dated roles elsewhere.

These disclosures, it was suggested, could result in reviews of employment status. The most recent letter formalizes that warning and reinforces JPMorgan’s stance on the matter.

“To succeed in the investment banking analyst programme, your full attention and participation are essential,” the letter reiterated.

Skipping mandatory training sessions, meetings, or not meeting programme obligations could now lead to termination. The stricter rules underscore the competitive and high-stakes environment within Wall Street’s elite banks, where junior staff are under increasing pressure.

Some Relief: Promotion Timeline Shortened

Despite the tightening of rules, JPMorgan has introduced one incentive. The promotion timeline from analyst to associate has been reduced to 2.5 years from the earlier three-year track.

This adjustment may serve as motivation for analysts to remain committed to the bank for a longer duration.

The letter closed with a warm welcome: “We are thrilled to have you join our team… Welcome aboard!”

Still, the overall message signals the bank’s no-nonsense approach to early exits and reflects growing tension between investment banks and private equity firms competing for top talent.

As Wall Street firms work to retain their recruits, the message from JPMorgan is clear—loyalty and focus are not optional.