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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
The writer is a former global head of equity capital markets at Bank of America and is now a managing director at Seda Experts
Bank “town hall” speeches rarely make waves, but a leaked recording of JPMorgan Chase chief executive Jamie Dimon speaking to employees in Ohio went viral recently across Wall Street and the City of London.
In the audio, obtained by Barron’s, Dimon delivers a blistering critique of remote work, bureaucratic bloat and the lack of focus during virtual meetings. His complaints — such as colleagues being unreachable on Fridays and people multitasking during Zoom calls — have struck a chord, with many in the industry endorsing his views.
But beneath the surface of this viral moment lies a more nuanced reality: much of what Dimon complains about isn’t new. This episode is less about the substance of his criticisms and more about the performative nature of leadership in global banking.
While Dimon’s remarks have attracted attention, many of the issues he highlights are far from novel. For example, the idea that senior bankers are unreachable on Fridays is hardly a revelation. Before the Covid pandemic, it was common knowledge that from Easter to Labor Day in the US, many managing directors in New York City would decamp to the Hamptons or the Jersey Shore by Thursday afternoon. Similarly, bankers have been furtively scrolling through emails on their BlackBerrys during meetings or management town halls for more than two decades. And senior bankers, in particular, have been known to make a brief comment at the start of a conference call, tune out to focus on other tasks, and then pipe up at the end with a perfunctory “sounds like we have a plan”, as if they had been fully engaged the entire time.
What makes Dimon’s diatribe so compelling isn’t its originality but rather its delivery. His sharp, staccato cadence and unfiltered language — spiced with just enough mild profanity to feel relatable to people in finance — hit all the right notes. It’s no wonder so many bankers, even those guilty of the very behaviours he derides, are applauding.
It’s a telling irony: senior bankers are cheering Dimon’s critique, even though much of it applies to them. But this contradiction reveals a deeper truth about Wall Street culture. Instability and pressure have long been tools for keeping bankers on edge, with complacency seen as the big enemy. Indeed, I’m reminded of an off-site earlier in my career where a banking leader told us to adopt the mantra: “Destabilise to get better.”
This mindset explains the constant reorganisations, the endless stream of new initiatives, and the relentless push to “stay sharp”. Dimon’s leaked remarks fit right into this framework. By slamming remote work and bureaucratic inefficiencies, he drives home the idea that there’s always room for improvement — and that no one has the luxury to rest on their laurels.
The leak itself is also worth examining. It’s unlikely that the person or people who made and released the recording aimed to undermine Dimon. They probably expected his comments to land well, especially among finance types and perhaps even with a new US president deeply hostile to working from home. It amplified Dimon’s message and bolstered JPMorgan’s image as a no-nonsense, performance-driven powerhouse.
There’s also a generational dynamic at play here. Dimon’s takedown of remote work and lack of focus feels like a subtle pushback against the recent shifts in workplace culture, particularly among younger bankers. Over the past few years, junior investment bankers have successfully lobbied for higher pay, lighter workloads, and greater protections for their weekends.
Whatever the merits of these changes, they have created a noticeable rift within the industry. Many senior investment bankers — who endured gruelling hours early in their careers — grumble sotto voce that the younger generation has it too easy. Dimon’s comments tap into this sentiment, whether intentionally or not. By calling out the shortcomings of remote work and the lack of engagement during virtual meetings, he’s implicitly challenging the junior cohort to show their commitment and prove they’re not just coasting along.
At its core, this entire episode feels undeniably performative. Dimon’s philippic, though rooted in genuine frustration, serves a deeper purpose: reinforcing the relentless drive that defines a top-tier bank. Success comes from the constant pressure to push harder, do more and challenge one another. The enthusiastic reaction from the investment banking world underscores a cardinal truth on Wall Street: complacency is the ultimate sin.
