JPMorgan Chase is planning significant layoffs in its tech division this March, affecting thousands of employees. The cuts are part of broader cost-saving measures as the bank adapts to shifting economic conditions and repositions its technology investments.
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@1bj+1jk7cyyfr They are also having Indian manage US devs. I didn't accept an offer last year when I noticed; already enough issues with outsourced coworkers, so... Good luck with that idea...
Looks like confirmed multiple layoffs planned for 2025.
https://www.reuters.com/business/finance/jpmorgan-chase-begins-layoffs-with-more-planned-barrons-reports-2025-02-12/
Around 10 percent layoffs
Outsourcing
Heard from another thread india will increase hiring by 1% this year while Chase cuts
Simple math, according to an MD, 4.5 devs in India = 1 US dev
I heard there is a hiring freeze in JPMC as well. I was on a 6 month contract to hire that ends in middle of march. I was offered verbally full time position but never in writing because of hiring. I am guessing they will just let contractors walk after contract ends now.
"When you outsource you average your country's standard of living with whatever country you outsource to. So USA - India, say standards of living in USA is an 8, and India a 1, over time you will have a score of 4.5, now if you factor in population as weighted average it'll be closer to a 2. "
Jeez they really picked a shithole, bottom of the food chain.
Cheap ba----ds.
They could have picked maybe Australia, our average would have been a little higher.
When you outsource you average your country's standard of living with whatever country you outsource to. So USA - India, say standards of living in USA is an 8, and India a 1, over time you will have a score of 4.5, now if you factor in population as weighted average it'll be closer to a 2. You can get a developer in India for about $20/hr.
"Many got the news today. With announcement of RTO, slashed bonuses, record profit, AI strategy and RIFs, all know what’s happening. Moving jobs to India to use AI. I see the root however somewhere else. Trump instability and smart bankers are bracing for tough years. We, in U.S. must answer this tough question: what happened to us that we ended up with Trump to dismantle the very fabric of society and gov functions. I am afraid this is just a beginning."
People are 'making money' from financialization and cheapening companies.
They are just pillaging the middle class and their actions are not beneficial to the US in the long term. There is going to be an unhappy ending.
Daughter's fiance just got his notice....gone by end of March....worked out of Texas remotely...
But I am very good at SQL, I should be safe and untouchable, right ?
Babe what technology team? You think you lil peons keep anything safe? Lolol. Babe… it’s one “cyber attack” after the next by the folks who run the world and they can manipulate anything they please to keep us afraid and compliant. If it’s not cyber attacks it’s aliens or climate change. Wake tf up.
I know of 4 people impacted across different locations in tech and product.It doesn’t make any sense at all!
@je+1jk7cyyfr
Not sure if you are blaming the right party. The reason for layoffs is mainly JPM outsourcing the jobs for pennies on the dollar. The economy up to this point has not been good. If anything Trump is trying to keep the money in the US. This has been a long time coming, he has been in office barely 2 weeks and policies made now will not be felt until at least 6 months or so down the line.
Many got the news today. With announcement of RTO, slashed bonuses, record profit, AI strategy and RIFs, all know what’s happening. Moving jobs to India to use AI. I see the root however somewhere else. Trump instability and smart bankers are bracing for tough years. We, in U.S. must answer this tough question: what happened to us that we ended up with Trump to dismantle the very fabric of society and gov functions. I am afraid this is just a beginning.
Was affected, Jersey City CIB department, heard my old team had a handle of people let go too
I am saddened by the multiple responses of being impacted today. my condolences to all involved.
I would highly recommend connecting with HR in regards to questions about PTO, Holidays, etc to ensure your final pay is not impacted. some types of pay are pro-rated and could be impacted by the date of becoming inactive. Generally, though, you are still an active employee through your notice date and would be able to utilize your PTO/Holiday/Sick, business as usual.
I was affected. Jersey city.
Will i be able to take holidays during notice period.
Work in the DFW office in CIB about 5 colleagues and myself got the news today we will be laid off
I was affected.
So sorry you’re impacted! Start networking around !! Maybe you’ll find something…post on LinkedIn before others
I am impacted. Tech. North America
What experience have you had with CTC that warrants cutting the department. Or are you simply disgruntled due to the implications security has on your work ?
please cut CTC across the entire bank !!!!! They are full of empty talk and lack substance. They create confusion without resolving anything. Most of them are woefully unqualified and incompetent
Do you know what areas are affected? Is London affected?
Stop using the service providers that don’t move jobs to america. Fcuk chase
ignore this, there is never a source, never any details....
Across of all tech…like CIB, CCB, AWM tech or just global tech
Source of info, please?
It’s moving jobs because our politicians promise something big and beautiful but deliver nothing after winning elections. Uni party rules DC !!!
more like they will move the jobs to India for maximum savings