JPMorgan bars incoming analysts from job-hopping in first 18 months

The move comes as Wall Street banks push back against private equity firms poaching junior talent through accelerated hiring cycles

JPMorgan Chase has warned incoming analysts that accepting another job offer within 18 months of joining will result in immediate termination.

 

The message was conveyed in a letter dated June 4, sent to graduates preparing to begin the bank’s US analyst training programme later this summer, according to the Financial Times.

 

“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. It was signed by JPMorgan co-heads Filippo Gori and Doug Petno. 

 

Wall Street frustrated with early PE recruitment 

The move comes amid growing frustration on Wall Street with private equity firms that aggressively recruit junior banking talent well before the analysts complete their tenure.

 

The policy targets the so-called “on-cycle” recruitment process, under which private equity firms offer roles to investment banking analysts up to two years in advance—allowing them to complete training at banks like JPMorgan before jumping ship.

 

JPMorgan CEO Jamie Dimon has previously criticised this practice as unethical, citing potential conflicts of interest when analysts work on deals involving firms they are slated to join.

 

While some in the industry view JPMorgan’s move as an effort to retain young talent, others argue it could sour relations with major clients in the private equity space.

 

Zero tolerance for side job-hunting 

Prior to this week's letter, the bank had already warned incoming analysts to disclose if they had accepted future-dated offers, suggesting such declarations could lead to a review of their employment status.

 

The latest communication formalises that stance—and raises the stakes.

 

“To succeed in the investment banking analyst programme, your full attention and participation are essential,” the letter continued.

 

Training sessions, meetings, and all programme responsibilities are now mandatory. Skipping any part could be grounds for termination, the bank said.

 

Sweetener: Faster promotion path 

Despite the stricter rules, JPMorgan offered an incentive: analysts will now be eligible for promotion to associate in 2.5 years, down from the previous three-year track.

 

The letter concluded on a positive note:

 

“We are thrilled to have you join our team… Welcome aboard!”

 

Still, the firm’s messaging reflects the high-pressure, competitive environment of junior banking—where top-tier talent is increasingly caught in a tug-of-war between Wall Street firms and the private equity giants they serve.