When JPMorgan Chase CEO Jamie Dimon releases his annual letter to shareholders, the business world takes notice. This year, the banking titan’s 58-page missive spanned everything from a stark warning about the economic repercussions of President Donald Trump’s newly announced tariffs to a set of guiding principles for modern leadership. His central message to executives: embrace discomfort, stay curious, and, above all, get out of the office and into the real world.
His core message to executives: embrace discomfort, stay curious, and get out of the office.
“Leadership should always be about learning and questioning,” Dimon wrote, recounting a recent master class he led for 400 JPMorgan executives. “Our company needs to nurture innovation, ambition, and discipline while discouraging complacency, arrogance, and bureaucracy.”
In an environment where market disruption is constant, Dimon urged leaders to expand their perspective and build a more comprehensive view of their business. That means actively seeking diverse perspectives, confronting uncomfortable truths, and regularly reassessing internal assumptions. “Get out of your own echo chamber,” he advised.
For Dimon, that process begins with discipline: closely tracking industry trends, studying competitors, engaging with people who possess more advanced technical or managerial expertise, and holding oneself and others to account.
“We can learn so much from our competitors, customers, and employees if we only open our eyes and ears,” he explained.
He shared his own experience. A decade ago, Dimon assembled a senior leadership delegation to travel to China and observe companies like Alibaba, Ping An, and Tencent. Though initially met with hesitation, the trip proved transformational, ultimately broadening the team’s understanding of digital banking, biometrics, and emerging technologies like super apps—insights that helped shape JPMorgan’s digital evolution.
But learning from competitors, Dimon argued, is just the beginning. The real imperative is anticipating their next move and responding proactively. “You’ve got to say, ‘What are the competitors going to do next?’ Because that shows when you’re getting to the puck and where the puck is going to be – not where things currently stand,” he explained.
Dimon also emphasized the importance of looking outside one’s industry for inspiration. Citing Chick-fil-A’s use of drones to optimize drive-thru operations, Dimon pointed to the fast-food chain as an example of sector-specific problem-solving that offers universal lessons. While not directly applicable to banking, it reflects a mindset he values: pragmatic, creative thinking in the face of evolving customer needs.
Equally vital, Dimon emphasized, is the ability to examine one’s own decisions with honesty and humility. He stressed that effective leadership requires a willingness to acknowledge mistakes and reflect meaningfully on how to do better—a level of self-awareness he considers essential to credibility and long-term impact.
He pointed to the 2012 London Whale trading scandal, which resulted in billions in losses and securities fraud charges against two JPMorgan traders, as a pivotal moment that demanded both accountability and deep introspection. In retrospect, Dimon admitted the incident lacked adequate oversight, including by the bank’s risk committees, and served as a stark reminder of what he called the “disease” of hoarding information within large organizations.
“I also recognize that I don’t always get everything right and that I have made plenty of mistakes myself,” he acknowledged.
JPMorgan Chase declined to comment.
