Malcolm Gladwell is livid at JPMorgan Chase and its CEO Jamie Dimon over their dealing with of a heated dispute with the famed writer’s well-connected wealth supervisor, in line with a report Monday.
The monetary adviser, Gwen Campbell, has a roster of highly effective shoppers that features Gladwell and ex-baseball star-turned-entrepreneur Alex Rodriguez, The Monetary Instances reported. Campbell has filed swimsuit towards JPMorgan, alleging breach of contract and accusing co-workers inside its non-public financial institution of attempting to take over Rodriguez’s enterprise.
Gladwell personally penned a letter to Dimon in protection of Campbell – however the financial institution CEO didn't reply and had different executives handle his considerations. The pissed off best-selling writer then blasted Dimon in a scathing interview with FT.
“I believed he was speculated to be a statesman, Jamie Dimon. This is sort of a sport an 11-year-old would play,” Gladwell instructed the outlet.
“Fairly aside from what he’s doing to Gwen, I’m a shopper. My life financial savings are with JPMorgan. My monetary adviser has been exiled like Napoleon on Elba. Is that the way in which you deal with your shoppers? I’m small-fry however quite a lot of her shoppers will not be small-fry,” Gladwell added.
Campbell has been employed at JPMorgan Advisors since 2020 and works out of San Francisco. Except for in search of damages via arbitration, she reportedly filed a criticism accusing the financial institution of gender discrimination.
“What JPMorgan is doing will not be solely hurting Gwen however having a direct opposed affect on her shoppers that are JPMorgan’s shoppers. That is one thing that’s identified by Jamie Dimon, and the board,” Campbell’s lawyer, Wigdor LLP accomplice Michael Willemin, instructed the Monetary Instances.
When Gladwell emailed Dimon in a bid to resolve the dispute, he reportedly obtained a response from one other govt who mentioned the financial institution couldn't remark on account of pending litigation however was “exploring” a response to the “points” Campbell raised.
“It simply strikes me that they’re torturing her,” Gladwell added within the interview with FT. “I don’t perceive why somebody would willingly make somebody’s life depressing for no motive.”
Gladwell was reportedly considered one of a number of shoppers who contacted the financial institution on Campbell’s behalf.
A JPMorgan spokeswoman instructed the FT that the financial institution was “placing important focus and investments” into JPMorgan Advisors. The spokeswoman added that JPMorgan has “set in place guidelines for conditions the place shoppers are served by multiple line of enterprise.”
“These guidelines enable us to carry shoppers the experience they want whereas guaranteeing that they and our monetary professionals are handled pretty,” the spokeswoman added.
When reached by The Put up, JPMorgan Chase declined to additional touch upon the report.
Campbell was already managing hundreds of thousands of dollars for Rodriguez when she joined the financial institution. Nonetheless, Rodriguez was reportedly designated a shared shopper between her and the non-public financial institution, for the reason that ex-baseball star had cash additionally had cash tied up with that division and had beforehand labored with the financial institution on a failed bid to purchase the New York Mets.
The monetary adviser claims her colleagues within the non-public financial institution however tried to encroach on her relationship with Rodriguez – at one level offering him with a mortgage to assist fund his acquisition of a stake within the NBA’s Minnesota Timberwolves after Campbell mentioned JPMorgan Advisors wouldn’t again the request.
The financial institution additionally reassigned protection of superstar Jennifer Lopez – who was nonetheless engaged to Rodriguez on the time – to the identical bankers who dealt with his enterprise. The transfer was purportedly meant to assist safe extra of Rodriguez’s enterprise over time.
The Put up has reached out to reps for Rodriguez and Lopez for remark.
Gladwell isn’t one to shrink back from controversial public remarks. Earlier this 12 months, the “Outliers” writer sparked an internet uproar after he ripped the pattern towards distant work as having a unfavourable affect on society.
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