GoKawiilKey Takeaways Jamie Dimon leads JPMorgan Chase, the world’s largest bank by market value.
During the Norges Bank Investment Management’s investment conference earlier this week, Dimon said that three things can kill a company: “bureaucracy, complacency and arrogance.”
He said the solution is eliminating “jerks” who admire problems rather than solve them, and focus on following procedures instead of delivering results.
JPMorgan Chase CEO Jamie Dimon has had enough of managers who let bureaucracy — excessive red tape, overly complicated approval processes and rigid rules — thrive, calling the issue a quiet threat that slowly destroys organizations and creates problems.
“Bureaucracy, complacency and arrogance will take down a company,” Dimon said during the Norges Bank Investment Management’s investment conference earlier this week. “Bureaucracy is like the petri dish of politics and everything else.”
Dimon has led JPMorgan since 2006 and grown it from a $130 billion company into an $830 billion giant and the world’s largest bank by market value. He said that internal dysfunctions often determine whether a company survives or fails.
While bureaucracy tends to spread in massive organizations like JPMorgan, which employs over 300,000 people globally, Dimon noted it can just as easily take root in smaller companies or individual departments.
Dimon said the fix is to address the issue starting at the top by removing poor managers. In other words, “get rid of the jerks,” or those who prioritize following procedures over achieving results.
“They admire a problem,” Dimon said. “I say they’re like good bureaucrats. They like the process, not the outcome. Whereas I like the outcome.”
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