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
I have yet to know of anyone who has gotten laid off. I expected downsizing this fall after bc of COVID, but I think all these blind posts about JPMC laying off people are too pessimistic. Maybe things will change soon so I am updating my resume just in case.
This is what I mean, they keep it very quiet, especially now that at best 50% are in the office due to alternating weeks, some places haven't gone back yet. I pasted the comments above in my edited post. Also see the below link. https://www.thelayoff.com/jpmorgan-chase-and
You must be new to JPMorgan. Been working there for 1-2 years at most?
Were Software Engineers also laid off?
None that I know of. Not even the ones that suck.
@f1ntech what's TC like for senior engs and EMs? (603?)
Not an expert in this by any means, but WARN act might not technically apply. It's not an actual business closing. It would seem to require 25% or more layoffs or 250 or more workers at one site. I'm sure numbers are calculated to avoid the public disclosure. Employees are typically given less than 90 days notice, in my experience its more like less than 60 days, maybe 5-6 weeks tops.
No wonder my interview was rescheduled 😂
I can confirm this post as I was affected with 45 days notice. I'm in CIB
Can I ask kind of position you was in?
associate
Can confirm. I was RIF’ed in CIB Tech Finance & Business Mgmt. I know of 3 others in Brooklyn, who has the same fate. 45 day notice.
why was morale bad to begin with?
“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.
Ah, stakeholder capitalism at its finest.
I have been laid off from a fintech company before. Its brutal, in hindsight I should not have joined them. In any case, best of luck.
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Nothing on the WARN website. Are you sure?
I wish I was wrong, see below and comments pasted in my edited post. https://www.thelayoff.com/jpmorgan-chase-and
Yeah you are right. Despite the Department of Labor saying that its "strongly encouraged" that employers notify them of layoffs, I don't see anything on that site. But somehow not surprising that they didn't bother to.