Jamie Dimon’s biggest pet peeve and other Wall Street insights
While prepping to deliver the bad news regarding J.P. Morgan’s third quarter flop, CEO Jamie Dimon found time to chat with members of the Financial Women’s Association. The off-the-record chat, placed firmly on-the-record by MarketWatch’s Sital Patel, was rather illuminating. Here are some key takeaways.
- Dimon’s biggest pet peeve is when employees are afraid to bring up sensitive topics in management meetings, choosing instead to come to his office afterwards. He prefers a healthy public debate.
- When he sees other Wall Street CEOs, Dimon apologizes to them regarding the fallout from the “London Whale” scandal. He recognizes that the bad press hurts Wall Street’s still-wounded image.
- Dimon anticipated 80% of the “London Whale” fallout but was surprised by the other 20%. Unfortunately he didn’t elaborate on what that 20% entails.
- He’s not afraid to joke about the Whale fiasco, even if it’s a fairly poor pun.
- Dimon feels that leadership is a learned skill set, not a genetic trait. “The key is to do your job well and listen to what people are saying.”
- He kicks back on the weekends by playing tennis with his daughters, who, by the way, aren’t afraid to come to his defense if the media starts picking on him.
- He never considers gender when making a hire. Best candidate wins.
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More than in perhaps any other industry, banking can provide life-changing career opportunities overseas that may simply not be available in a person’s home country. That said, taking a new position in a different country is a major life decision, no matter where you reside.
Revenue, Comp Falls at Citi (WSJ)
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Lebenthal Hiring Wealth Managers (WSJ)
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A Pressure Cooker (eFinancialCareers)
Hector Sants, former chief executive of the Financial Services Authority and recently-anointed head of compliance at Barclays, is taking a leave of absence until the end of the year because of "exhaustion and stress.”
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“The most important things [to look for in] hedge fund managers is that they are smart and they are honest,” said legendary hedge funder Julian Robertson. “Close behind that is probably competitiveness…someone who won’t lose doesn’t lose.”
Star Manager Going Solo (Barron’s)
Invesco stock plunged nearly 6% on Tuesday after its top fund manager Neil Woodford shocked the markets by announcing he is leaving the firm to launch his own fund-management business.
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Buzz Around the Office
A Japanese company has launched a new wine designed exclusively for cats. About time.
List of the Day: Interview Essentials
Bring these three things to every interview.
- Several hard copies of your resume.
- Only one bag.
- A professional-looking notebook.