What Chick-Fil-A, Chinese Technology Giants, and a commercial scandal teaching the CEO of JP Morgan about good leadership
When Jimmy Damon, CEO of JPMorgan Chase, issues his annual message to shareholders, the business world notes. This year, 58 -page Missive Banking extended to everything from a blatant warning about the newly announced definitions of President Donald Trump to a set of guidelines for modern leadership. His central message to CEOs: embrace discomfort, be curious, and above all, leaving the office and in the real world.
His basic message to CEOs: Embrace discomfort, stay curious, and get out of the office.
“Driving should always be related to learning and interrogation,” Damon booksRecleting a modern master’s category that led it to 400 CEO JPMORGAN. “Our company needs to take care of innovation, ambition, and discipline, with discouragement of self, arrogance and bureaucracy.”
In an environment in which market turmoil is fixed, Dimon urged leaders to expand their perspective and build a more comprehensive vision of their business. This means searching actively for various views, facing uncomfortable facts, and reassessing internal assumptions regularly. “Get out of your echo room,” advise.
For Dimon, this process begins with discipline: tracking the trends of industry closely, studying competitors, engaging with people who have more advanced technical or administrative experience, self -accountability and others.
“We can learn a lot of our competitors, customers and employees if we only open our eyes and ears,” he said.
Share his own experience. A decade ago, Damon collected a large leadership delegation to travel to China and monitor companies such as Alibaba, Ping AN and TENCENT. Although he initially fulfilled the hesitation, the journey proved transformative, as the team’s understanding of digital banking services, biological measurements and emerging technologies such as high applications – that helped form the digital development of JPMorgan.
But learning from competitors, as Damon argues, is just a beginning. The real necessity is to anticipate their next step and respond proactively. “You have to say,” What will the competitors do after that? “Because this appears when you reach a picker and where it will be a pile – not where things are currently standing.”
Damon also stressed the importance of research outside the industry for inspiration. Quoted from the use of Chick-Fil-A drone to improve driving operations, DIMON referred to a fast food chain as an example to solve the problems of the sector that provide global lessons. Although it does not apply directly to the banking, it reflects a mentality it estimates: practical and creative thinking in the face of the needs of the developed customers.
On an equal footing, as Damon emphasized, it is the ability to examine the individual’s decisions honestly and humbled. He stressed that effective leadership requires a willingness to recognize mistakes and thinking useful in how to do a better job-a level of self-awareness that it considers necessary for credibility and long-term influence.
Refer 2012 London Pisces Trading scandalThis led to billions of losses and fatigue in securities against two JPMorgan merchants, as a pivotal moment that demanded both accountability and deep meditation. When returning back, Damon admitted that the accident lacks sufficient supervision, including the bank risk committees, and was a blatant reminder of what he called “disease” information within large organizations.
“I also realize that I don’t always get everything right and that I made a lot of mistakes myself,” I admit.
Jpmorgan Chase refused to comment.
This story was originally shown on Fortune.com
