JPMorgan Chase’s outspoken chief executive Jamie Dimon is speaking at the bank’s Investor Day in Manhattan.Earlier, JPMorgan said it would eliminate 4,000 jobs in 2013 and another 13,000 in its mortgage business in 2014.
“Obviously, that’s a rough estimate,” Dimon said at the conference.
“No one at JPMorgan ever, ever worries about losing their job because they made a mistake,” he said, adding, “Why would you work there?”
He explained that some places there’s a “hang ’em high, shoot ’em” mentality if someone loses money, which he added leaves a “bad attitude” where people try to make as much as they can before “you get shot in the back of the head.”
“That is what destroys these companies,” he added.
Dimon also went on the explain that they do not pay people on performance metrics alone.
He said no one at JPMorgan has special compensation agreements. There are no “special deals” he said, adding in a loud whisper “Zero!”