Junior JPMorgan Chasers Urged To Grind Themselves To Dust To Pay For Jamie Dimon’s Latest Bonus And Also Find Themselves
Much has been made of the eagerness of Wall Street’s elite to get everything back to the way things were before, even if that place was perhaps not particularly appealing to the junior associates working 18-hour days for less money than they could earn elsewhere. Well, Mary Erdoes has a message for you. It’s essentially the same message you’re getting from everyone else in a Mary Edroes-level position, which is sack up, but put more gently, and with a greater focus on you than on your making as much money as possible for your employer to not share with you because it would be untoward under the present circumstances. In effect, Erdoes invites you to consider it trading two-and-a-half years of your early twenties for, uh, well, something or other.
“If you think 10,000 hours is about what you need to master any subject, if someone comes in and has a regular, eight-hour-a-day job, five days a week, it’s gonna take about five years to have a base-level mastery,” she said to [David] Rubenstein, the co-founder of Carlyle Group, on Bloomberg TV. “On Wall Street, it’s more like 12 hours a day, six days a week. That cuts you down to about two and a half years before you become mastered in something.”
A very brave junior associate, however, might counter, “What’s the rush? You fossils aren’t going anywhere anytime soon.”
The bank’s board of directors granted Mr. Dimon, 65 years old, a retention bonus in the form of 1.5 million options that he can exercise in 2026, according to a regulatory filing Tuesday. The award requires Mr. Dimon to stay at the bank the whole time and hit certain performance targets to receive the full amount…. The options grant leaves one exit strategy open for Mr. Dimon: He can exercise them if he leaves the bank for an elected or unelected government job, according to the regulatory filing.
Which is, essentially, the board’s Marianne Lake retention plan.
Bankers Need 72-Hour Week to Master Job, $4 Trillion Wealth Manager Says [Bloomberg]
JPMorgan Awards Jamie Dimon Surprise Retention Bonus [WSJ]
