USA 
United Kingdom
America’s biggest bank JP Morgan, has tightened its approach to early career attrition, telling new graduate employees they could lose their jobs if they accept roles elsewhere within 18 months of joining.
In an email to incoming hires, the co-heads of JP Morgan’s global banking division wrote: “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.”
The message, first reported by Fortune, reflects mounting frustration over graduate recruits accepting offers and then quickly departing for positions at private equity firms and other financial institutions.
Training attendance and engagement now mandatory
Beyond exit clauses, the internal communication also stressed expectations for engagement. According to the email, a junior employee “will also be fired if they fail to show up at mandatory training sessions and meetings, and fulfill their obligations again and again.”
The guidance was distributed only to US-based graduate hires. While no specific states were named in the communication, sources told Fortune that the policy responds to higher attrition rates seen in the domestic market.
The email also emphasized the bank’s demand for full commitment, stating that “your full attention and participation are essential.”
‘I think that’s unethical’
JP Morgan CEO Jamie Dimon has previously voiced concern over the trend. Speaking to undergraduate business school students in September 2024, he 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.”
Dimon continued: “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.”
The CEO added that such behavior “puts us in a bad position, and it puts us in a conflicted position.”
He further added: “You are already working for somewhere else, and you’re dealing with highly confidential information from JPMorgan, and I just don’t like it.”
The bank, which has a market cap of around $750 billion, has been vocal about the cost of employee churn, particularly at junior levels. The memo is part of a broader push to ensure that new hires are committed to their roles, starting from day one.
