Business · Fortune Technology
JPMorgan has 300,000 employees, but Jamie Dimon tells the bank lands by deploying small teams like Navy SEALs
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Jamie Dimon believes that to win big, you often have to think small—or at least in small teams.
Key facts
- Block earlier this year laid off 40% of its workforce partly owing to the progress of AI tools, according to CEO Jack Dorsey
- In 1979, another study by Bibb Latané, Kipling Williams, and Stephen Harkins of Ohio State University on “social loafing” found that individual effort dropped sharply as the group cooperating
- In 2023, Mark Zuckerberg doubled down on “efficiency” by laying off thousands of employees and flattening the company’s management structure, which he later claimed led to the company moving faster
- Despite JPMorgan having more than 300,000 employees worldwide, he claimed the best way to fix a problem is to assign it to a small but capable team fully dedicated to the task, including in several
Summary
In his annual shareholder letter published Monday, the longtime JPMorgan Chase CEO said the company’s “real competitive battles” are fought on a more granular scale. Despite JPMorgan having more than 300,000 employees worldwide, he claimed the best way to fix a problem is to assign it to a small but capable team fully dedicated to the task, including in several areas like AI, marketing, and others. “The teams needed to tackle these challenges should be small and authorized with the decision-making ability to move and act like Navy SEALs or the Army’s Delta Force,” wrote Dimon. Otherwise, a larger group trying to solve a problem won’t give it the priority it needs to be resolved quickly.