Jamie Dimon Issues Striking Call for Better Meeting Practices in Shareholder Letter

In a time when digital communication has seemingly taken precedence over traditional methods, Jamie Dimon, the CEO and Chair of JPMorgan Chase, proves that the art of letter writing is not yet extinct. His extensive annual letter to shareholders spans an impressive 57 pages, complete with footnotes, and dives deeply into various pressing topics affecting the global economy.
Dimons letter has garnered significant attention, particularly for its candid and pointed critique of poor business communication and management practices. The Financial Times' Lex column labeled it a masterclass in managing up to former U.S. President Donald Trump, highlighting the letter's dual purpose: to inform shareholders while also calling out inefficiencies in corporate culture.
Among the various subjects he tackles, Dimon notably emphasizes the need for clearer and more straightforward communication within businesses. He implores executives to Talk like you speak and to eliminate jargon from their conversations. Avoid management pablum, he advises, suggesting that vague language often leads to misunderstandings and inefficiencies.
However, it is his fierce critique of unproductive meetings that stands out most prominently in his letter. Dimon boldly declares, Kill them, when referring to unnecessary gatherings. If meetings must occur, he insists they should have a defined start and end time, a clear agenda, and be limited to only those attendees who are essential to the discussion. Sometimes we think were just being nice by inviting people to a meeting who dont have to be there, he points out, highlighting a common pitfall in corporate culture.
The call for meeting reductions is not new but is gaining traction, especially following the pandemic. The phrase This meeting could have been an email has become a familiar lament among white-collar workers struggling with the influx of online gatherings that clutter their schedules. This situation was exacerbated during the COVID-19 pandemic, as many employees turned to platforms like Zoom, leading to a staggering rise in virtual meetings.
According to research conducted by Microsoft, the number of meetings held via Teams tripled between 2020 and 2023. Feedback from employees revealed a growing sense of frustration with these virtual gatherings, with 55% stating that the follow-up actions from meetings were often unclear, and 56% expressing it was difficult to summarize what transpired during discussions. As a result, many workers found themselves putting in longer hours just to catch up on their actual work, amidst the barrage of time-consuming meetings.
Dimons critique aligns with a broader movement among business leaders who are now more inclined to streamline meetings or even eliminate them altogether. For instance, Shopify, a popular e-commerce platform, drew attention a few years ago when it decided to eliminate meetings on Wednesdays, as well as those involving more than two people. This trend underscores a growing recognition of the need for more efficient communication in the workplace.
Interestingly, some leaders in the tech industry have taken a different approach to address meeting overload, opting to lean into technology further. For example, Otter, a transcription service, has developed an AI meeting agent that claims to respond to questions during meetings. Eric Yuan, the founder and CEO of Zoom, envisions a future where employees might send digital avatars to meetings, allowing them to attend remotely while engaging through interactions with their digital counterparts.
Yet, the current use of AI for meeting summaries has produced mixed results. While it can save time, AI often fails to capture the nuances of conversations, leading to potential misunderstandings. In one striking incident, a marketing team discovered that their conversation had continued recording after a client had left the call, resulting in an awkward situation when the client received a transcript detailing criticisms that were never intended to be shared.
In a sharp departure from the tech-centric solutions, Dimon advocates for a fundamental change in meeting etiquette: attendees should put away their devices entirely. He remarks, I see people in meetings all the time who are getting notifications and personal texts or reading emails. This has to stop. Its disrespectful. It wastes time.
This issue is particularly relevant in todays fast-paced work environment, where distractions abound and communication is often fragmented across multiple platforms, such as email, Slack, and WhatsApp. Dimons intervention is timely, especially in light of the recent alarmist discussions surrounding childrens smartphone usage, spurred by the Netflix drama Adolescence, which depicts a young boys tumultuous relationship with technology. It seems fitting that someone is finally calling out adults for their own tech dependency.
However, the challenge of inattention in meetings isn't only tied to excessive device usage; it also stems from the mundane nature of many meetings themselves. As communications consultant Beth Sherman, who is slated to speak at The Meetings Show later this year, observed, If the people in your meeting or in your audience are looking at their phones, at best, theyre only half-listening. Id rather see leaders focused on treating the disease, rather than the symptoms.