Here's a copy of an e-mail sent out last week by JPMorgan's EMEA recruitment team. It's a strong message to the firm's recruitment consultant partners - 'don't call us, we'll call you'.
'Message for JPMorgan Preferred Suppliers
Recent market turmoil, including the bankruptcy filing of Lehman Brothers and the purchase of Merrill Lynch by Bank of America has created an unprecedented set of circumstances in the job market. We have been approached by many individuals from these firms and are managing the process internally.
As one of our valued recruiting partners in Europe, it is important that you help us manage hiring opportunities in a controlled and coordinated manner. Therefore, to address questions on handling candidates from competitors, we ask that you please follow the below guidelines:
JPMorgan remains focused on identifying and sourcing candidates through our direct channels and our market network for any open positions at the firm
Where we need support from our recruitment suppliers, we will outline the requirement and arrange to work with you on an identified position
PLEASE DO NOT submit candidates on a speculative basis as we are currently inundated with direct calls and inquiries from available talent. Instead, we ask that you work directly with your JPMorgan recruitment contact to understand any specific needs we may or may not have at this time. Specifically, with respect to Lehman Brothers, Merrill Lynch and Bank of America, we ask you not to introduce or submit candidates from these firms unless we advise you to the contrary. We will not pay fees for resumes / referrals unless we have agreed new, specific terms with you.
In the case you have been contacted by a JPMorgan hiring manager to submit candidates, please let your JPMorgan recruitment contact know immediately so that they can validate the request and put the proper contract or terms in place.
If you believe you have an exception to the guidelines above please notify your JPMorgan recruitment contact.
We are committed to investing in talent in an organized and responsible way that meets the need of our shareholders, our business and most importantly the individuals concerned. Please let us know if you have any questions.
1. 'JPMorgan 'values' us so highly that the firm doesn't want to do business with us! Nice touch'.
2. 'I hope that the firm improves the quality of feedback that it provides for candidates. As one of the firm's 'valued' recruiters, I have often had to chase up for feedback after interviews. And even then you often get nothing more than a cursory 'no' for most candidates. Unless the firm's internal recruiters and on-site team up their game, this exercise could reflect badly on the reputation of the firm.
3. 'I've not seen or heard from my 'JPMorgan recruitment contact' for months. I think she must have been laid-off!'.
4. 'My JPMorgan 'recruitment contact' is a voicemail - and one that excepts incoming calls only!'.
5. 'Welcome to the brave new world of recruitment in the financial markets. Jamie Dimon strikes again'.
6. 'Well, I guess no recruitment firm will be singing JPMorgan's praises to candidates in the coming weeks. This move will mean that most of the firms 'valued recruiting partners' will be actively working against them'.
7. 'Seems JPMorgan is 'committed' to everybody - except their 'valued recruiting partners', that is'.
8. 'Interesting that JPMorgan appears to feel that the 'needs' of individuals they are looking to hire will be best served by not being introduced by their 'valued recruiting partners'.
9. 'I work as an in-house recruiter at another firm, and have to agree with this tactic. I want my headhunters to cherry-pick, not grab windfalls from up off the ground. We are going direct, and are gaining a taste for handling our own search in-house'.
10. 'If you could handle your own search in house, you'd be actually working in search already, earnings loads more money. Clown'.
11. 'Given that the majority of in-house recruiters are failed recruitment consultants, it will be interesting to see how the JPM team manage to run this process. I have yet to find an onsite team that actually delivers a quality service. I have no doubt that the hiring line managers will soon become irritated by the lack of expertise, and will press for the return of the 'proper' recruiters. As ever, this is typical of the shortsighted approach adopted by HR departments across the industry'.
12. 'Never has it been easier for recruitment agencies to farm out huge volumes of available candidates to clients without screening them properly'.
13. 'Why pay for a dog when you are perfectly capable of barking yourself ?'
14. 'It's high time the market weeds out those subprime headhunters!'
15. 'Stop whinging. Why on earth would a large organisation pay a recruiter in this market ?'.
16. 'This debate focuses on the wrong issue. The basic story is that no one is recruiting. If the investment banking sector contracts, then its suppliers will suffer. And do you really think that taking one-third of a first year's salary for sending a few e-mails is a sustainable business model ?'.
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