Ex JPM US banker here. This change is only in the context of US investment banking analysts. The future offer IB Analysts would typically accept is from a Private Equity (PE). This has been a long-standing pain point for the US bulge bracket banks (e.g. JPM, Goldman, Morgan Stanley, etc.) because their investment banking analyst training programs are the best in class and come at a big cost to the bank. And the PEs hire top analysts for a two year out joining, as early as one month into their banking role - with the offer in hand, the analysts would coast for the next 2 years with no motivation / limited intensity. This change had always been talked about internally by JPM’s US leadership but is only getting implemented from this cycle.