JPMorgan Layoffs September 2020: Tons of RIFs on 9/24/2020

Sep 25, 2020 35 Comments

Sounds like there was a bloodbath of lay-offs today based on what I’m reading on another lay-off focused website (see pasted posts below). Like Covid tests, it’s very compartmentalized and they usually won’t announce anything firmwide, let alone publicly.

Reports are coming in that it is Asset and Wealth Management, The Corporate Investment Bank, Compliance, GS&I (security and investigations I believe, the acronyms get nonsensical) and possibly others. Jobs going overseas, eliminated in favor of AI/automation. Real class act stuff for America’s most important private financial institution.

Rumors it’s approx. 5-10% with more to come. You knew it was trouble when Jamie didn’t make the same no Covid layoffs that more reputable companies did. Morale was already in the toilet, it’s now in the septic septic tank? Sewer?

https://www.thelayoff.com/jpmorgan-chase-and

Help with your own lay-off reports and morale checkins in your department.
Major RIF in CIB and AWM today!!
10 hours ago by Anonymous | 811 views | 1 reaction (+1/-0) | 8 replies (last 22 minutes ago)
Post ID: @OP+1776ghoI
+1
Thanks for nothing Mr Dimon
Break my butt for years at The House of Morgan and I get laid off as my thanks. Multiple MDs, EDs, and VPs let go today. Culture is lousy. Managers are lousy. Wasted a lot of years staying.

17 hours ago by Hit The Bricks | 692 views | 3 reactions (+3/-0) | 6 replies (last 5 hours ago)
Post ID: @OP+177bN9eH
+3
Sad to say.... But cuts are far from over
Now that the reaping has happened in GFCC, sources are saying cuts will continue in other departments. 5-10% reduction is anticipated.

19 hours ago by Anonymous | 313 views | 1 reaction (+1/-0) | no replies yet
Post ID: @OP+177tTNjy
+1

JPM lay-off
Just heard from a friend who works at JPM, major layoffs happened today September 24,2020!

1 day ago by Anonymous | 980 views | 2 reactions (+2/-0) | 5 replies (last 19 hours ago)
Post ID: @OP+176Y50sc
+2
Global Financial Crimes Compliance (GFCC) Layoffs Happened Today
1 day ago by Anonymous | 543 views | 2 reactions (+2/-0) | 2 replies (last 1 day ago)
Post ID: @OP+176hlbK3
+2
RIF Today. Tons already gone
Large number of people being let go today. Here’s hoping some of us survive. 4 gone from my immediate team.

1 day ago by Anonymous | 981 views | 5 reactions (+5/-0) | 6 replies (last 4 hours ago)
Post ID: @OP+176keThO

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 TOP 35 Comments
  • JPMorgan Chase / Data
    at27

    Go to company page JPMorgan Chase Data

     at27
    I can confirm this post as I was affected with 45 days notice. I'm in CIB
    Sep 25, 2020 6
  • why was morale bad to begin with?
    Sep 25, 2020 1
    • OP
      “Location strategy” was disclosed to non management people for the first time in summer 2019, so company has been planning to take jobs away from Americans and send them to low cost centers way, way before Covid. RIFs kicked up in Fall 2019. So rolling lay-offs for the past 12 months combined with sending people into a pandemic (only big bank to do so).

      And they are worried about WFH productivity. How many times can you slap your employees in the face and expect them to stay? It’s remarkable how fast morale has tanked and how much of a reputation hit the bank has taken in the last two years.

      People used to be proud to say they worked here, not sure how many would say that now. But hey, I guess you need some foot soldiers to die for your fortress balance sheet.

      My sympathies to those who confirmed the RIF firsthand. Know that confirming it might give others a greater heads up or wake up.
      Sep 25, 2020
  • New / Eng
    stoffel

    New Eng

     stoffel
    Ah, stakeholder capitalism at its finest.
    Sep 27, 2020 0
  • Amazon
    inkwr

    Go to company page Amazon

    PRE
    Amazon
     inkwr
    No wonder my interview was rescheduled 😂
    Sep 25, 2020 0
  • Were Software Engineers also laid off?
    Sep 25, 2020 4