CEO Stresses Responsibility

Chief Executive and Chairman of JPMorgan Chase Jamie L. Dimon spoke before the 900 graduating students of the Harvard Business School yesterday as part of HBS’ Class Day festivities.

Both Dimon and student speaker Thomas C. Rajan struck melancholy tones in their remarks, emphasizing the need for greater reflection and responsibility among business executives in the current economic climate.

The event was held on Baker Lawn in the afternoon, and light rain periodically fell as students and their families gathered to honor HBS professors, present the class gift, and celebrate the conclusion of their studies.

Following brief remarks by Dean Jay O. Light, student Deirdre-Ann L. Perry introduced the concept of Class Day, saying it was “designed by the students, for the students.”

Perry also introduced Rajan’s speech, noting that he was selected from more than 25 applicants who presented their speeches in two rounds of competition.

When Rajan took the podium, he began with a series of jokes, but his remarks quickly grew more serious. Rajan emphasized the ways in which many have lost faith in the business community due to the financial crisis. He added that despite this, students could use their knowledge and experience to help improve the world.

Rajan noted that more than 400 students had signed up to recite an oath affirming their commitment to integrity and accountability in business practice after the Class Day ceremony.

“May we give more of ourselves to our communities, to our workplaces, to our families,” Rajan said. “Let it go forth from this time that we are a class that is ready to serve.”

Dimon also began his remarks with a touch of humor, joking “I just want to make it absolutely clear that I was at Citigroup 10 years ago,” referencing the financial services company that had to be bailed out by the federal government last year.

His speech included a mix of practical career advice and reflections upon what it means to be a responsible and ethical business leader.

He encouraged the graduating students to be true to themselves, to cut across hierarchies in their business relationships, and, most of all, to exercise humility.

“If you want to be a leader it can’t be about money and it can’t be about you,” Dimon said.

He concluded by encouraging the students to try to use their business careers to help make a better world.

Rajan and Dimon both received standing ovations, and students seemed pleased with both speakers.

Student Prashanth H. Ambekar said he was impressed with Dimon’s remarks, but that Rajan’s were ultimately more inspiring.

“I had very high expectations, but I was very happy with my class day speaker, and I think that made up for it,” Ambekar said.

—Staff writer Evan T. R. Rosenman can be reached at erosenm@fas.harvard.edu.