JP Morgan: Hong Kong Covid measures create tough hiring climate, says Dimon
Hong Kong’s strict Covid-19 pandemic restrictions have reportedly created a tough hiring environment for JP Morgan, boss Jamie Dimon said.
The city state has some of the world’s most stringent emergency pandemic measures, with inbound travellers having to quarantine in hotels for as long as three weeks form some countries.
Dimon said earlier today that this “does make it harder” to both keep and attract staff to the investment bank heavyweight, Bloomberg reported.
He had also reportedly been given a quarantine exemption for his 32-hour visit.
The JP Morgan boss had spoken in October on the firm’s retaining of staff – telling Axios co-founder James VandeHei in an HBO interview, that to have top talent, you need to pay a top wage.
“We pay people to do a great job. They could all sell their services elsewhere. I need to maintain the best team on the playing field. And I need to pay them fairly to do that. You may not like that, but that’s what it is,” Dimon told VandeHei.
JP Morgan pulled in $11.9bn in net income in its second quarter of this year under Dimon.