Now I regret that I even tried to do my best here.
How do you feel after being informed that you are no longer needed here?
I hope to find something else soon, but Chase will not be a fond memory because I think the way these layoffs were managed was very unethical.
22 replies (most recent on top)
I was applauded as the best in class in what I did, then they laid me off. Got a call, that you either relocate or lose your job. I couldn't relocate, (and they knew that), and they used it an excuse to lay off what they call "best in class". Don't accept accolades they are worthless when you need to pay bills.
Hey there, I worked for another mortgage business.... When I started working in banking & it wasn't my first choice, but my original field didn't pan out as I thought it would, so I needed the benefits & steady paycheck.... banking provided that to me, until now.
I just experienced my first layoff.
Apparently, I'm not alone.
I'm reading about all the layoffs & I'm seeing how slim the job boards are in many different other companies as I try to find work, & it is disturbing. I try to keep the news off sometimes, because when I hear about a "labor shortage" - it just doesn't make sense.
It is not personal, but it is personal when it impacts your health, your paycheck, your livelihood, your future.
So, focus on yourself & what you can do for yourself. This is an economic storm.... not about personal performance. The entire industry is being impacted. Many of us, from many companies, are going through the same thing right now. I have no idea where I'll be getting my next job.... I'm trying to take it one day at a time. Keeping an open mind to where I might work next.
"The right relationship is everything" yeahhh rrrrighttt!. just like their old Bull--- slogan from a few years ago, "One Firm, One Team, Be A Leader".
At IBM, employees joke that IBM stands for "I've been moved", at JPMorgan employees are told, "People are our most important asset". The International Financial Reporting Standards states that "An asset is a present economic resource controlled by the entity as a result of past events. An economic resource is a right that has the potential to produce economic benefits."
Hmmm...assets.....assets can be fixed, intangible, tangible, or wasted. From the way they hire and layoff, the only asset I think they consider people are wasted. For employees, their slogan, "The right relationship is everything" is a wasted relationship.
This must be the "world owes me a living thread." Good grief what a bunch of whiners. Pick yourself up and move on to something else. The world owes you nothing.
For the person that took this layoff very hard, pay attention to these words
of wisdom, The problem is with them, not you. There is life after Chase and
you will find a better job elsewhere for which you will prosper!! Getting fired
from Chase is a blessing upfront!!
Yeah! Work hard at Chase and be the best at what you do and you WILL get rewarded
alright! You will get rewarded with more work, stress and aggravation and will have to fill in for the void of all who resigned or were terminated . You will become the "Go To" person for all problems. Oh Yeah!!, you will be appreciated "for all that you do" by
being terminated when they don't want you or need you anymore!
@1rjj... this is the post I've ever seen on the topic. Yes, please do not take it personal. It's the job and not you. Great wisdom in this post. This isn't forever... you WILL shine again.
I agree with the bottom. Not only being the best with what you do and being above and beyond won’t increase your pay nor make you immune to layoffs (you’re still not laid off only because the firm is short staffed since everyone left) , but everyone will take you for granted and constantly ask you to do something for them that aren’t even your responsibility just a because you did a one-off favor. Just do the minimum to get by, don’t worry about promotion since it’s not worth it. I knew a bunch of promoted guys left due to too much responsibilities
Don’t feel too bad, I am in a different LOB and didn’t get laid off but I am being overworked and constantly being reached out on on something simply because “I am the best at what I am doing” so I would rather get laid off so no more headache as I am not getting paid enough for crazy workload
Or yah know, if your other co-workers still have their jobs, then you were probably the worst out of the bunch. Get better in the time-span you have, or know when to leave. As for your post, I'm not validating your hopelessness. Welcome to Adulthood in America, hope you enjoy your stay.
With layoffs it always feels personal and rarely is. Stay in touch with the people you worked with in the past that you trust and were the type of workers you want to be seen as…you’d be amazed how many times they will be the key to jobs in the future. As you get older, especially if you stay in the industry it becomes a “who you know” thing.
And yes, companies make big impersonal decisions all the time and you are the collateral damage…keep doing good work but don’t believe everything the company says…they are responsible for delivering profit every quarter and when profit goes down, expenses are cut. The mortgage issue here is very clear (mortgages are cyclical in nature) so it was easy to say “cut the mortgage group” but there will be times you are cut and it has nothing to do with your teams relative merit. The company decides to refocus or get out of a line of business.
Do not spend a lot of time dwelling on the hurt of this layoff, your job now is to find a new job and get on with your life, lesson learned. You will have colleagues who wait out their severance mulling over what happened and wonder why there are jobs left when they are done. If you haven’t been in mortgage for very long you’re young enough to take those skill sets and easily move them to being a business analyst or sales or underwriting for another line of business elsewhere. Mortgage is going to be contracting for at least a year now…
Mortgage business is 50%-60% less than what it was 6 months ago. They have no choice. Do you expect a business to pay you to do nothing? This situation will be like this for years. Get over it and find another job.
Glad I left Chase earlier this year. Loyalty means nothing. These layoffs of 10+ year employees and Chase lifers proves that. I’m so sad by this. Wishing you and your families all the very best.
It’s a hard lesson to learn that companies are no longer loyal to their hard working and loyal employees but once you’ve learned the lesson, take that with you wherever you go. Continue to do your best in your next job but never trust they have your best interest at heart. If you decide to leave and go elsewhere, do that. You don’t owe them your life. It’s just a job.
I hope you’re just a fresh college graduate, naive enough to think corporate America will care how hard you work. Always work enough just to get by, going above and beyond is what they want you do do ofc
I was part of the laid off employees. I’ve come to terms that a different door will open, and I will know in the future what lesson or blessing was attained from this. Either one is beneficial.
Don’t take it so hard. This was always temporary.
Keep your head up and good luck
Bottom line, whatever is good for JP Morgan Chase that is what they will do, no empathy for their employees.
Every major layoff is a reminder that the employer- employee relationship is just a business transaction.
I am so sorry this happened to you. Chase has always treated their employees as disposable. Please look at this as a blessing that you haven’t worked years for a company that will treat you so poorly. Wishing you luck for your future.