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In a decisive move to combat talent turnover, JPMorgan Chase has delivered a clear warning to its incoming graduate analysts: if they accept another job offer within their first 18 months, they will be dismissed from the firm.

The policy was outlined in a letter sent to recruits expected to join the bank’s US analyst training program this summer, as reported by the Financial Times. Signed by JPMorgan’s global banking co-heads, Filippo Gori and Doug Petno, the memo leaves little room for ambiguity.

“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 letter stated, as per the report.

Private Equity Recruiting Under Scrutiny

Although JPMorgan didn’t name any specific firms, the move is clearly aimed at the increasingly aggressive “on-cycle” recruitment tactics employed by private equity companies. These firms often extend job offers to students up to two years in advance, contingent on completing an initial tenure in investment banking. This has become a sore point for banks, who see fresh analysts leave before they've made meaningful contributions.

The bank’s new rule represents the toughest stance among its Wall Street peers. While some firms have asked analysts to disclose future job commitments, JPMorgan has now drawn a hard line. CEO Jamie Dimon has previously criticized early hiring by buyout firms, labeling it unethical and pointing to potential conflicts of interest, especially when analysts are involved in transactions with future employers.

Compliance Now Mandatory From Day One

Beyond the job offer restriction, the memo also warned analysts that job hunting must be done strictly on personal time. Full attendance at training and official events is compulsory, with any lapses risking dismissal.

The firm’s message to new hires is blunt but decisive: JPMorgan is investing in your future, and expects commitment in return. Even as the memo ended on a welcoming note, “We are thrilled to have you join our team. Welcome aboard!!”, the broader tone made clear that loyalty and focus are non-negotiable.