Market Overview

Jamie Dimon to Operating Committee: Don't Stomp on Goldman

In the wake of Greg Smith's scathing New York Times op-ed addressing the "toxic and destructive" culture at his former employer, Goldman Sachs (NYSE: GS), J.P. Morgan (NYSE: JPM) CEO Jamie Dimon is telling his managers not to use the controversy to seek an advantage over GS. The Wall Street Journal published an internal memo that Dimon sent to his operating committee yesterday which instructs managers not to "seek advantage from a competitor's alleged issues or hearsay - ever." The entire (albeit short) memo is reprinted below.

To: Operating Committee From: Jamie Dimon

Today's New York Times op-ed by a Goldman Sachs executive is generating a lot of discussion around the street. I want to be clear that I don't want anyone here to seek advantage from a competitor's alleged issues or hearsay – ever. It's not the way we do business. We respect our competitors, and our focus should be on doing the best we can to continually strengthen our own standards.

Jamie

Posted-In: Greg Smith Jamie DimonNews Movers & Shakers Topics Management General

 

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