I recently spoke to the CEO of a niche financial services business, and the conversation turned to talent retention. What prompted the discussion was the news that JPMorgan Chase has introduced an 18-month non-compete clause for graduates, and Goldman Sachs has introduced “loyalty oaths”, where junior bankers have to certify every three months that they are not taking job offers from private equity (PE) firms. Companies prioritise retention Both banks invest a lot of time and capital in coaching graduates. The quality of their training makes their young employees attractive to PE firms in particular. This is a significant problem…

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