Write your own memos. Keep the lists. Do not waste time in meetings.
These are just some of the management philosophies of Jamie DimonThe billionaire banker and veteran CEO of two decades from the largest American bank per assets, Jpmorgan Chase, who will publish his results in the first quarter later this week.
In its new annual letter to shareholders – which the bank published on Monday – Dimon approached a range of subjectsStagflation to the future of American democracy. The CEO has also described some of the “tips and management tools” which made it voten on the Zenith of Wall Street and Corporate America.
Among them: make follow -up lists. Avoid withdrawing Dimon after a meeting to surreptitiously share the grievances. Authorize your own memoranda and go directly to the source when you want answers, even if it means crossing the chain of command.
He thought about a time when he worked on intermediaries at the first bank, the company he ran from 2000 to 2004 BC. One day, his wife phoned her to point out that one of the company’s automatic distributors of the company was working badly.
In the banks of the bank, one of the leaders of Dimon spoke with him assured that everything was fine. But when the executive went to inspect the automatic counter – at the request of Dimon – he discovered that it was, in fact, defective. Dimon, in turn, asked the executive to dismiss the third -party supplier to whom he had outsourced the surveillance of automatic ticket distributors. “Now we follow it ourselves,” he said.
And, if your mobile phone rings and “Jamie Dimon” appears on the caller’s identifier, it would be advisable to leave the jargon of fanciful business at the door.
“Regarding communications, avoiding Pablum management,” he wrote in the section describing his leadership strategies and advice. “It’s a dwarf animal beast. Talk how you talk – get rid of the jargon.”
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‘The morale is zero because we suck’
Dimon is known for having broken with its buttoned counterparts on the other side of the street with regard to direct discussions, including recently when it has been launched in a Soliloquer Expletif To defend the cabinet Five days a week Return to the office.
Dimon’s declaration encountered resistance inside JPMorgan, where some employees have considered unionization And has developed their next movements in private group cats. But this is not the first time that Dimon has remained firm in the face of plunging morale complaints, he said.
He remembers having visited a branch of the local bank – – one of the approximately 1,800 retailing outposts of the company – and realizing that it was open for less than hours than a rival bank nearby. Quickly, Dimon understood that shorter branch hours were in fact a problem on the scale of the company – that he was disappointed that he did not catch earlier – and he thought that it was necessary to correct.
He decided to increase the hours of the branches to match the competitors, knowing that it would probably damage morale.
“I said,” We have to change it. We are here for “” customers, he recalls. “Obviously, I care about morale – but morale is zero because we will not. Morals will be better when we are better as a business.” “”
In another lesson, Dimon encouraged managers to repel the tropes like “this is how we have always done so” to justify erroneous decisions. “It is important that leadership always wonders what their business does and why,” he wrote. Criticism comes in the middle of a repression on the scale of the company, led by Dimon, on bureaucracy and ineffectiveness.
To illustrate his argument, Dimon remembers rejected a battalion of 500 management coaches that the company had outsourced. He reduced spending shortly after joining JPMorgan.
“Many times bad habits are formed and people become lazy, take shortened or don’t care enough,” he wrote. “I did it because it is the work of a leader to coach, and we essentially have outsourced management,” he added, explaining his justification. “In all my career, I have rarely seen this type of outsourcing of success.”
Dimon also said that a life of all work and without play may leave a dull person. Our jobs, he says, should always be pleasant, even when we have to face great challenges or have unpopular decisions.
“We spend the vast majority of our hours of watch at work,” he concluded. “It is our work to try to make it fun and fulfilling.”
Reed Alexander is corresponding to Business Insider covering Wall Street. It can be attached by e-mail to ralexander@businessinsider.comor SMS / The encrypted application signal at (561) 247-5758.
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