Jamie Dimon says managers who don’t comply with junior bankers' 80-workweek cap risk bonus

Jamie Dimon says JPMorgan managers risk their bonuses if they don't comply with the new 80-hour workweek cap for junior bankers.

Transcript

00:00And then I do think this thing on Wall Street where you read about the hours.

00:04So we just put a new program in place.

00:06First of all, we don't want kids to tell the truth.

00:08Some kids are saying they work more hours than they do.

00:10Some kids are saying they work less hours than they do, so they get more work.

00:13We just want to treat the kids with respect.

00:15So we're trying to put rules in place, and you don't need AI to do this.

00:18Assignments should be given out by Wednesday, not on Friday night.

00:22So a lot of investment bankers, they've been traveling a week, they come home,

00:25they give you four assignments, and you gotta work all weekend.

00:27It's just not right.

00:28And so that, you gotta teach individual by individual.

00:30I can't blanket the brush.

00:32And things like that, we want weekends off, we want people to have time,

00:35we want to pay attention.

00:36Obviously, if you ever see someone in emotional need, you should help them.

00:39So we're gonna try to limit, track.

00:41We actually hired someone who's gonna do nothing but help manage the analysts and

00:45stuff so they can actually track it.

00:47And then they have to go back to banker by banker.

00:49You're violating it, you gotta stop.

00:51And it will be in your bonus, so that people know we actually really mean it.