Wall Street’s longest-tenured CEO said it’s better to give an honest assessment than to make the boss feel good.
The first thing he said was, “get out, get out, get out, get out, talk to people, talk to clients. I talk to everybody.”
Noting that President Dwight Eisenhower, a Republican, regularly met with Democratic leaders, Dimon also discussed the importance of hearing opposing views as well as listening to complaints and learning about rivals.
“Observe, observe, observe, and have all your people do it,” he added. “And it’s a never-ending process. Because we have competitors from around the world, and they’re smart, and they’re tough, and they’re coming.”
Then he turned to what makes companies that were once pace-setters in their respective industries fail. Dimon pointed to arrogance, greed, complacency, and bureaucracy.
Companies can “bull—t” themselves about how they’re earning money and why, while executives may feel pressure to make the boss feel good and avoid embarrassing someone, he explained.
“When people say to me, put a good foot forward, I always say, don’t put a good foot forward, put the truth forward, 100% the truth,” Dimon said. “Tell us, and we will deal with it. It’s OK. So a deep, honest assessment.”
He also put humility and curiosity on the list of traits leaders should have, saying “people don’t want to work for jerks” and don’t want to work for bosses who blame others.
But at the still relatively young age of 69, there has been widespread speculation that he might have a second act in the government, either in elected office or an appointed role.
And while running for re-election last summer, Donald Trump suggested he might consider Dimon for Treasury secretary, though he later ruled him out.
On Friday, Dimon was asked what it would take for him to enter public service. His answer hinted at some humility.
“Alright, ready? I’ll tell you: if I thought I could really win, which I don’t think I could,” he said.
