The bank is reducing the number of employees in support roles across the unit and laying off some wealth-management workers The reductions are being made globally https://www.livemint.com/industry/human-resource/jpmorgan-to-cut-hundreds-of-jobs-after-staffing-review/amp-1553744704542.html
Hundreds globally? Why is this even news
Clicks
Recession is coming!
Not necessarily globally. India has lots of open recs. Although, Dallas and Columbus will take some of the Arlington operations.
It’s not just jpmc - a lot of financial services companies are downsizing staff. Though I don’t think tech workers at those companies will be impacted. Most seem to be investing in hiring more tech workers. Chase just opened took over 2 floors in 5mw. Time will tell. Edit - I spoke too soon. I just heard a VP scrum master was let go in jersey city. Looks like the cuts will affect tech at the big banks.
For a behemoth like JPMC that's a drop in the bucket. Luckily job market is pretty hot still so they shouldn't find it too hard to find another gig