In a scathing critique of corporate culture, JPMorgan CEO Jamie Dimon calls for the elimination of pointless meetings and the avoidance of corporate jargon.
As much as we wish it weren’t so, top executives like Jamie Dimon, CEO of JPMorgan, earn their hefty paychecks for a reason. The latest missive from Dimon, clocking in at 57 pages without footnotes, pulls no punches when it comes to his disdain for meetings.
Jamie Dimon is an American banker and business executive who has been the CEO of JPMorgan Chase since 2005.
Born in 1956, Dimon graduated from Harvard University and began his career at Goldman Sachs.
He joined JPMorgan in 1993 and played a key role in its acquisition of Bank One.
Under his leadership, JPMorgan has become one of the largest banks in the world, with over $2 trillion in assets.
Dimon is known for his expertise in risk management and has been credited with navigating the bank through several financial crises.
The Problem with Meetings
Dimon’s annual investor letter is a scathing critique of the often-wasted time spent in meetings. ‘Kill meetings,’ he writes, but warns that if they do happen, they must start and end on time, with a clear purpose and follow-up list. He also notes that sometimes people are invited to meetings without needing to attend, and advises everyone involved to make it count.
This sentiment is echoed by Dimon’s frustration with the tech sector, where people often get distracted by notifications and personal texts during meetings. ‘I see people in meetings all the time who are getting notifications and personal texts or who are reading emails,’ he writes. ‘This has to stop. It’s disrespectful. It wastes time.’
The Power of Plain Language
Dimon’s advice extends beyond meetings, as he also warns against using corporate jargon that can confuse and alienate employees. He advises managers to ‘avoid management pablum’ and instead speak clearly and directly. This is a pet peeve of his, and one that he hopes will be taken seriously by those who read his investor letters.
Corporate jargon refers to specialized language used in business and corporate settings.
It often involves the use of complex vocabulary, acronyms, and buzzwords to convey a sense of sophistication and expertise.
Examples include 'synergy', 'disruptor', and 'paradigm shift'.
Studies show that excessive use of corporate jargon can lead to confusion among employees and clients, while also creating a sense of exclusivity and elitism within organizations.
A Call to Action
Regardless of how we feel about big banks and their influence on society, Jamie Dimon’s words are worth listening to. As one of the most influential people in the finance world, his advice has the potential to make a real difference in the way companies operate. By killing unnecessary meetings and avoiding corporate jargon, we can create a more efficient and effective work environment.
The Bottom Line
Dimon’s letter is a reminder that sometimes, less is more. By cutting out distractions and communicating clearly, we can achieve more in less time. As he so aptly puts it, ‘if one is required,’ everyone involved should make meetings count.
