Valuetainment - “This Will TAKE DOWN Your Business” - Jamie Dimon CALLS OUT Managers Killing Companies

00:00:00.140 Jamie Dimon comes out and says the following.

00:00:03.240 He says he wants companies to get robbed.

00:00:07.380 Is this a clip of what he says?

00:00:08.640 Yes, sir.

00:00:09.080 Okay, so here's what he has to say about companies to get rid of managers who do not do this.

00:00:14.120 Go ahead.

00:00:14.860 I really believe this.

00:00:15.920 Bureaucracy, complacency, and arrogance will take down a company.

00:00:19.980 Bureaucracy is like the petri dish of politics and everything else.

00:00:24.220 And you could be a small company to have it.

00:00:27.040 You could be a big company to have it.

00:00:28.440 You can have it in your branch.

00:00:30.140 You can not have it in the other branch. 1.00

00:00:31.360 And it's always the manager stupid. 1.00

00:00:33.180 I mean, almost always. 1.00

00:00:34.820 The way you fight it is, with me, all the information is shared beforehand.

00:00:39.900 So there's no secret.

00:00:41.260 I remember going to companies, and this wouldn't share that part of the company.

00:00:44.840 If it isn't shared properly, I generally just cancel the meeting.

00:00:49.360 If someone comes in and says, Nikolai wants X, and I don't believe that's right,

00:00:53.620 I say, well, why did you wait for this meeting to do that?

00:00:55.920 Go talk to him.

00:00:58.440 Everything, no matter how small, get on the road, go see clients.

00:01:04.440 Clients are a gift because, you know, look, they're demanding they should be,

00:01:08.260 but they also tell you, you know, in our case, what our competitors are doing better.

00:01:11.820 Why we didn't get something.

00:01:13.560 You know, if we don't do this in that country, you're not going to give us a big piece of business

00:01:17.160 because how important it is for you.

00:01:19.140 And I uniquely know it might cost $30 million to build a payment system to go up to a country.

00:01:24.180 But, you know, it's easy to say, well, we're going to do it now.

00:01:26.700 I just found out why, you know, the staff isn't doing it.

00:01:29.480 So when you have a meeting, people often don't know who's running it.

00:01:33.600 That's a mistake.

00:01:34.880 When you have a meeting and someone ends the meeting by saying,

00:01:37.220 that was a great meeting, we'll pick it up again next week,

00:01:39.880 it's usually a bad meeting.

00:01:41.260 The meeting should end with, okay, David, you're going to do X,

00:01:44.340 talk to these people, not hierarchical.

00:01:46.420 It's just, you know, cut across the company, you talk to HR,

00:01:49.600 you know, consumers got the most people,

00:01:51.460 this change in their program is going to affect, you know, their branches.

00:01:53.780 talk about, come back, make a

00:01:56.100 recommendation. Pause it right there. I have a lot

00:01:58.240 of thoughts on this. I have a lot of thoughts on this. Tom, I'll

00:02:00.100 come to you first. Go for it. Well, I love

00:02:02.180 Jamie Dimon. I love this. This is sort

00:02:04.200 of the onstage, mellow version

00:02:06.180 of Jamie. There's the famous

00:02:08.460 bootleg recording of

00:02:10.220 him, you know, flipping out on

00:02:11.960 return to work and Zoom meetings, and you're

00:02:14.120 not paying attention, and you're on your phone.

00:02:16.560 This is the common sense, Jamie.

00:02:18.720 And my favorite part

00:02:20.140 of what he just said, my favorite part

00:02:22.060 is clients are a gift they tell you not clients are a gift because they run your business not

00:02:28.300 clients are a gift they bring your revenue not clients are a gift because you know they they

00:02:33.360 they give you some sort of ratification no he said they're a gift because they tell you where

00:02:38.100 you didn't win they tell you what the competitor's doing and this says that this guy's in touch and

00:02:43.300 he says get on the road get out get on the road guess what work from home doesn't do that ai

00:02:48.760 doesn't do that it's get out and i i love this and by the way if you've never said don't don't

00:02:53.640 search for it now wait till the end of the podcast but go find the bootleg tape of return to office

00:02:58.660 and jamie diamond and paying attention it's a little bit of profanity in there but it is a

00:03:03.720 great lesson in leadership jeff i mean it's kind of rich coming from a top banker because next to

00:03:11.320 maybe the department of motor vehicles banks are just famous bureaucracies um that they're built

00:03:16.600 on bureaucracy for a lot of good legitimate reasons so maybe you take it as you know jamie

00:03:21.600 diamond now saying that bureaucracy is bad or at least it's a hindrance to operating a bank in the

00:03:27.160 way that needs to be operated you have to wonder does something change because over the last 20

00:03:32.500 years the banking system in particular the banking sector in particular has gone you know 2010s in

00:03:37.960 particular became more and more bureaucratic so maybe they're starting to loosen the reins a

00:03:42.060 little bit understanding that it is trying to micromanage everything has held them back over

00:03:46.800 the last, you know, really since 2008. The banking sector changed dramatically in 2008. Before then,

00:03:55.640 it was sort of like what he was talking about, you know, people just did things, got together in

00:04:00.020 small meetings, we have a common task to perform, we figure out who's going to do what, and then we

00:04:04.240 move on and do it. After 2008, for understandable reasons, there were just layers and layers of

00:04:09.440 management, bureaucracy, committees, and everything else. So you wonder if maybe the tide is shifting

00:04:14.980 a little bit in the banking sector where it's starting to loosen up and maybe being loosened

00:04:18.880 up because he can see that there's a competition element to it. What he's talking about with his

00:04:23.140 customers, what are we doing wrong? And the customers these days are not just other banks.

00:04:28.000 The cartel is breaking down because for the longest time, money flow, money intermediation,

00:04:32.540 and credit was just, especially the largest banks. They got bigger, bigger, bigger, smaller number of

00:04:36.500 them now you've got hedge funds you've got private credit um you've got shadow banks you've got

00:04:41.020 decentralized finance seeing that down the road he's got to compete with a whole whole bunch of

00:04:46.420 different people so i wonder if he starts to see the writing on the wall here that this is this is

00:04:50.120 this is a big deal i think i think also listen no matter when jamie talks people listen because

00:04:54.760 it's jamie diamond so he carries that weight and and he's run the biggest bank with 318 000

00:04:59.620 employees just 65 000 engineers engineers alone they have 65 000 of them so imagine

00:05:04.560 How many engineers you have in your company?

00:05:06.040 They got 65,000 engineers working for Chase.

00:05:08.300 So massive behemoth.

00:05:09.940 I think they transact around $7 to $10 trillion a day is what they do.

00:05:15.560 $7 trillion a day.

00:05:17.320 But here's a part of it when I'm listening to Jamie Tom.

00:05:20.480 You know what I think about Tom?

00:05:21.360 I'm thinking he's in the legacy mode because as time's coming up and he's moving on

00:05:25.440 and he's probably coming out of a meeting or a conference call

00:05:30.040 because sometimes when you're being interviewed what people don't realize is

00:05:33.280 you're going to give the answer of whatever experience is fresh in your mind

00:05:37.860 of what happened last 24 hours, generally the last six hours.

00:05:40.780 I don't know if that makes sense.

00:05:42.020 So you just came from a crisis or something you had to overcome 0.93

00:05:45.020 or a dumb meeting or something that happened. 0.68

00:05:47.860 So you're really talking about that meeting 0.92

00:05:49.700 than what was on your mind pre that meeting taking place.

00:05:52.840 I'm going to talk about these three things.

00:05:54.220 Boom, you shift.

00:05:55.240 You're talking about this experience.

00:05:56.460 I will tell you a couple things, though, when you're talking about this.

00:05:58.600 is when you're smaller and you're coming up,

00:06:03.140 if you don't get ahead and control the manipulation,

00:06:08.080 the gamification, and you don't teach people to deal direct,

00:06:11.100 it's going to be harder for you to fix it when the company gets bigger.

00:06:14.160 It's got to be addressed when the company is small.

00:06:16.740 I had a call the other day with a guy, he says, one of our clients,

00:06:19.820 he says, I've had this person with my company for nine years.

00:06:23.840 She's been here from day one, and you can tell he's nervous talking about her

00:06:28.240 because he needs to fire her, but he doesn't know how to fire her

00:06:32.120 because his COO is sitting right next to him explaining what this girl is doing 0.64

00:06:36.920 and how much chaos this person has created in this construction company. 1.00

00:06:42.300 And I said, does she know your expectation of how she needs to be in a company?

00:06:48.760 What do you mean by that?

00:06:50.020 How clear are you about what things you're not willing to tolerate

00:06:53.280 or do you avoid the conflict?

00:06:55.060 There's a great book out there called Five Temptations of a CEO.

00:06:57.880 If you've never read it, I mean, I don't know how many thousands of copies I've sold for this guy, Patrick Lencioni.

00:07:02.780 If you're a CEO, do yourself a favor and go buy this book, Five Temptations of a CEO.

00:07:06.840 You'll see you're dealing with one of these five temptations and what he was.

00:07:10.660 Rob, can you pull up what the five temptations are on an article?

00:07:14.700 Yeah, just type in what are the five temptations?

00:07:16.720 And he breaks it down.

00:07:17.760 Go to images that come up right there.

00:07:19.140 Status over results.

00:07:20.400 Okay.

00:07:20.980 Oh, my God, my status.

00:07:22.220 Let me tell you how important I am, right?

00:07:23.540 Focused on career development.

00:07:24.920 And we have that in our company as well.

00:07:26.380 We have it everywhere.

00:07:27.880 Popularity over accountability.

00:07:29.060 I want to be liked.

00:07:29.820 I want people to like me.

00:07:31.220 Certainty over clarity, right?

00:07:33.340 And then harmony over productive conflicts.

00:07:35.320 You need conflicts.

00:07:36.920 And last but not least, invulnerability over trust.

00:07:40.260 Like, hey, every once in a while we have to be willing to talk about areas

00:07:44.200 that we need to develop trust.

00:07:46.740 And then if you don't do that, what ends up happening is triangulation.

00:07:50.720 Departments compete with departments,

00:07:52.180 and they find ways to throw them under the bus.

00:07:54.220 and they'll say, well, let me tell you, that guy got a higher score

00:07:57.520 and this guy got a diss and that guy got a diss versus guys, cut it out.

00:08:00.260 Everybody's got to get better.

00:08:01.520 One of the things we did the last two years,

00:08:03.860 because I hate company conflicts, corporate, I hate the politics.

00:08:08.180 I cannot stand it.

00:08:10.160 And sometimes when you bring people that have never worked in startups,

00:08:13.080 they don't know anything different.

00:08:15.440 All they know is core.

00:08:16.320 We had a guy that used to work with us many years ago.

00:08:19.160 He was one of our C-suite executives who managed the finances.

00:08:22.020 I won't get any more specific than this.

00:08:24.220 But I remember I was sizing up a handful of our guys to see who was going to replace me to be the president.

00:08:29.940 And I held a meeting one time, and I went to Dallas, and one by one by one, I asked everybody, I said, who do you think should replace me and be the president?

00:08:39.600 And I was kind of watching to see what people were going to say and who was going to be recognizing themselves, and I think it's got to be me, and I think it's got to be him, and I think it's got to be this, and I think it's got to be there.

00:08:49.220 And I said, who do you not think is ready to be a president?

00:08:51.840 and one of them kept targeting one person and that one person was morale okay because to me

00:09:01.380 she was the one that wanted the job was willing to do the job and she was hard working and i trusted

00:09:07.440 her and so when the decision was made the other guy went and one by one by one i kept seeing

00:09:15.720 people being in his office hey let's do one-on-one and he's doing one-on-ones with all these people

00:09:21.220 in his office like why are you doing all these one-on-ones in your office and it's one-on-ones

00:09:25.820 it's not like uh them and the manager so imagine like let's just say tom reports to jeff

00:09:30.820 but i don't have a meeting with jeff i'm just having a meeting with tom and i said hey

00:09:34.780 we're hearing that jeff is doing xyz have you had that experience well i heard it from somebody as

00:09:41.720 well oh really tell me more tell me more and then they go into this mode and then i'm like hey are

00:09:47.880 you doing this no they're coming to me so you're not setting it up no handful of the employee came

00:09:54.000 and said is there a reason why this guy keeps calling us into the office to have these types

00:09:57.640 of meetings i said so he is prompting yeah but that he's not hr but he's from yes why is he

00:10:04.160 getting ahead of it and undermining morale collecting information he's going to drip out

00:10:07.760 later let me tell you it was so disruptive so what he's talking about caused us to create

00:10:13.800 higher metrics we created higher metrics on a calibration that we do for every single one of

00:10:20.560 our employees based on five different metrics that we go through and we score 100 of our employees

00:10:26.460 every quarter based on these five metrics effort attitude leadership innovation and results and

00:10:32.900 then quarterly we also send a 10 questionnaire to every manager and every employee in the company

00:10:39.100 You know what the questionnaire is about?

00:10:40.800 It's about how well of a job is your manager doing with career planning?

00:10:45.400 How well of a job is a manager doing talking to you about what your long-term plan is going to be 5, 10 years from now?

00:10:50.220 And they score it, and it comes out, and managers get a score, and departments get a score, and business units get a score.

00:10:57.060 So now we sit there and we're like, wait a minute.

00:10:59.280 You don't spend a lot of time doing career planning with your guys.

00:11:01.820 So then the managers, when this questionnaire went out, guess what the managers are saying? 0.99

00:11:05.900 Oh, shit. 0.99

00:11:07.160 I better start talking to you about your career, Jeff. 0.99

00:11:10.000 Hey, I care about your career.

00:11:11.860 What do you want to do long-term here, right?

00:11:13.920 And then employees are like, oh, this is the first time this guy's ever come to me and asked me about it.

00:11:17.180 So everybody was – and by the way, if you're a small business owner wanting to find out this software,

00:11:21.820 we have – it's a SaaS software that a lot of our small business owners are taking advantage.

00:11:25.920 Go to the bottom of it.

00:11:27.140 Fill out your information at HireMetrics.com.

00:11:30.420 HireMetrics.com.

00:11:31.100 Most people don't even know we've been running this business,

00:11:33.000 changing a lot of people's lives with their companies to get them more efficient.

00:11:36.480 You get more out of your employees.

00:11:38.200 It eliminates politics.

00:11:39.600 People know when to get a promotion.

00:11:40.960 People know when they're going to get a raise.

00:11:42.540 People know what to expect.

00:11:43.720 People know the recognition.

00:11:45.140 It becomes very clear and very honest.

00:11:47.480 So I love the fact that Jamie said this.

00:11:49.280 I thought it was a great point he made.

00:11:50.980 And I hope more smaller business owners get ahead of it

00:11:53.860 instead of being afraid of having this type of a conversation.

00:11:56.760 So those of you guys that did the survey,

00:11:59.540 we originally thought, because it's a lot of questions,

00:12:02.660 It was 27 of them.

00:12:04.480 We said, we're going to give a $25 gift card.

00:12:06.600 So we sat with finance, and we said, guys, it's not like it's going to be that many anyways.

00:12:10.780 We said, let's put a budget of $25,000 to $50,000 for these $25 gift cards.

00:12:16.480 Well, the report comes out this morning from our digital marketing team.

00:12:21.500 11,976 of you did the survey.

00:12:26.180 Wow.

00:12:26.640 Which is going to cost us $290-some-thousand dollars for this gift card.

00:12:33.380 And a lot of you guys were tweeting saying, am I going to get the gift card?

00:12:36.080 If you completed the survey, you check your email.

00:12:39.860 Today at 9 o'clock, they started sending all the gift cards from Shopify to go to vtmerge.com.

00:12:46.180 And so check your email.

00:12:47.720 If it hasn't, just remember, it's 12,000 people.

00:12:51.000 So all of a sudden, it was put in the system.

00:12:53.980 If you haven't already gotten it, if you check your mail, you will check your email.

00:12:59.400 You will in the next 15, 30 minutes, one hour.

00:13:03.220 But go to vtmerch.com.

00:13:04.820 That $25 is a straight-up gift card.

00:13:07.020 Buy whatever you want.

00:13:07.760 We have a lot of good things that people don't look at.

00:13:10.260 There's some unique accessories that we have you can go look into.

00:13:13.380 Yesterday, we had an event at our cigar lounge.

00:13:15.280 We have this value-taming cigar set with cutters, lighters.

00:13:19.400 There's so many great gifts that you can give somebody,

00:13:22.420 but you have your $25 gift card to use.

00:13:25.760 And by the way, for those of you guys that are watching,

00:13:27.660 saying it is so revealing, the report that came back.

00:13:32.060 FYI, just so everybody knows, nobody knows what the results were.

00:13:35.600 Tom doesn't even know the results.

00:13:36.880 It's driving him insane.

00:13:38.020 But I get teased a lot.

00:13:39.420 Yeah.

00:13:40.040 Brandon this morning is like, come on, tell me where am I?

00:13:42.880 And him and Humberto are getting to him.

00:13:44.340 Humberto's holding people hostage.

00:13:45.580 I don't like what he's doing, but he loves it.

00:13:47.580 He loves this kind of stuff.

00:13:48.640 If you want to see what the report results were,

00:13:51.620 we may make a one-pager, two-pager to kind of share with the audience.

00:13:55.600 If you text the word PBD to 310-340-1132,

00:14:00.840 again, text the word PBD to 310-340-1132,

00:14:05.720 that report will be sent out to the audience.

00:14:08.600 Our YouTube guy called and says,

00:14:10.620 wait, you guys did a survey on your audience to ask what they didn't like

00:14:14.380 and did like?

00:14:14.980 Yes, we did.

00:14:16.100 Nobody does this.

00:14:17.320 and you gave away $25 gift card, how many people, you spent $300,000.

00:14:21.700 You said, well, we weren't expecting $300,000, but it's already too late.

00:14:24.860 So there you have it.

00:14:25.900 So everybody that completed it, I want to say thank you on behalf of the team.

00:14:29.640 This is great intel for us on finding ways to improve the product that we have here.

00:14:34.400 And without your feedback, we're going to read every single one of the pieces of feedback.

00:14:38.220 And some of you guys may even get a call from us.

00:14:40.680 So, again, text PBD to 310-340-1132.

00:14:44.000 we may send a video a report to you guys specifically in a text once we have that report

00:14:48.860 and um some people are not going to like it but it is what it is the report was very good for all

00:14:55.280 of us if you enjoy this video you want to watch more videos like this click here and if you want

00:14:58.740 to watch the entire podcast click here

Valuetainment - May 10, 2026

“This Will TAKE DOWN Your Business” - Jamie Dimon CALLS OUT Managers Killing Companies

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