Thread regarding JPMorgan Chase & Co. layoffs

Chase, Chase, Chase, wow there is so much to say! I worked for Chase for over 10 years and hated every minute of it once I realized what their SOP was. Chase makes purchase and refi loans to Lenders they know discriminate against the African American communities. The PAAG group is incompetent and has missed the fact that all of the HOA's for all of the Condo projects in Hassidic Jewish Communities are run By Hassidic Tribunal's (Religious Group) that maintain the first right of refusal on all condo sales. All they had to do was look at the caveats and Title exceptions to see something was going on, but no, that would take actually being concerned about making good loans. The tribunal's use Straw buyers and then take the units back for whatever violation is the flavor of the month and put in a new straw buyer, get a refi on the unit. and then do it again. The tribunal only will sell to people from the Hassidic Jewish community discriminating against virtually everyone else. The sales data is limited and sales prices are controlled by the tribunals. Incompetent management allowed the loans through on the theory that since they couldn't actually prove what was going on it must be OK. Chase makes millions possibly billions of dollars of loans on unsupported values based on unverified sales created by religious tribunals that discriminate against every other race, creed or religious belief and they know it and continue to do it. I have basically been called a racist all year long in the new environment and told I have been brainwashed and of course I am a racist. Problem is I'm an Asian American so how is that possible? Chase claims to be the new leader in inclusivity and equality for all but refuses to acknowledge they make millions of dollars in loans to the largest discriminating communities in the United States. It appears inclusivity is a wonderful thing as long as does not affect their bottom line. Leaders at Chase are nothing more than 2 face cowards that like the appearance of propriety as long as their bonuses are not affected. It is never really clear how high up the food chain things go because at Chase the most rewarded people are ones that squash major issues at their lower level keeping the next level safe. The real sad part is they sell their c-ap to unwitting employees that go along with it because they are paid a reasonable salary and do not know any better. The natural assumption when you get a job is to assume the people in charge of you are ethical and knowledgeable regarding their area of expertise. Management merely tells unsuspecting employees they don't have to worry about unsupported values or ineligible properties, let management worry about it nothing will come back to them. It is a culture of smoke and mirrors that instead of being reasonable checks and balances on bad valuation products, Chase has groomed an entire group of supposed professionals on how to get unsupported values through the system to keep the Cash flow going. Chase has an entire Group hired to review appraisal reports and send conditions to the lender to have the appraiser address or correct. The funny part of this is that the reviewers are punished if they make conditions as if the reviewer has any control over how bad an appraisal report is. Ultimately if you make to many conditions you score is lowered and management pressures you to make less conditions. None of the employees want to be the person that makes the most conditions so they just push value related issues through in order to keep a high score. When it goes south Chase is actually big enough to cover losses so they like the risk reward equation but what about the Real Estate backed securities from the Agencies? The agencies all probably assume the securities aren't fully supported to a certain extent but if they knew how many loans they bought from Chase with unsupported values they would more than likely see about 60% collateral support at best for their securities. Buyer beware. Gold and silver looked OK for a minute but oh yea that's right, Chase just settled for Billions of dollars for fixing the precious Metals market, go figure. Of course it was just a bad actor, a rouge employee making money for himself, not an effort by the firm to make Billions of dollars. I pulled both my quarters out of Chase and closed my account. So long story short to those that got terminated, I'm sorry but now you can get a job with a more ethical firm. 좋은 라이딩

The thing about JP Morgan I noticed is that people aren’t people and people aren’t numbers -their entire departments are small numbers

Spent 10 hours a day in quarantine training 3 people from India while still doing my job. I desperately needed help with my work load so I thought nothing of it. Had more 5 keys than anyone on my team for 2020 and was working non stop to get a promotion the past 4 years. Mid year review went well, then two weeks later told my position was no longer needed. Meanwhile my bosses best friend has the same position as me and makes at least 40k more than me since she was in the firm longer. I also had more skills sets than my bosses best friend and was preferred when stakeholders needed consulting. Yet I am the one laid off, so It's really hard to believe this was to save the firm money... Do I want to be redeployed within the firm? Hard pass. My boss also knew I was struggling with health issues and was one of the only people on the team living in a small apartment without a spouse. Must be nice for all of them living in their houses with their home offices and backyards. Not ONCE did my boss or ED ask how I was doing in in lockdown or when protests/riots were hitting my neighborhood. I was working in the corner of my bedroom and just pushing through. Funny I told my boss at my mid year review that I was super grateful to still have a job and that it was the only stable thing I still had... Big example that they do not care about us at all. Wonder how much JD's bonus will be this year.

Worked in training for Chase for over a decade, and was told by my manager that I needed to leave. When asked the reason why, he said that it was a decision that was made to move my job to India, and I would not be provided a severance package. I was so angry and hurt by this, but moved on.

No issues in my performance, good track record of working with people and managing my team. I’m sure there’s some politics at play with it all.

I did notice that there’s a good old boys ring of upper managers who keep bringing in their friends mostly unqualified in my observations, wonder how long before the wolves turn on their own...

I do agree with what others are posting about Chase here, and like so many other places, they certainly lack any loyalty of any kind.

I

Any word on the branch manager layoffs from this week in Metro areas?

Signing a waiver to obviate suing,
isn’t worth the paper it’s written on!
Take the exit package and then sue .
Best wishes, Anonymous!

All Indianapolis teams to Manila, my neighbor says their service Commercial Groups will all move and other cities too, branches next?

I'm still employed by the firm, but who really knows for how long that will last. Good people I've worked with for years and years, some going back before the turn of the century have been RIFed mid-july 2020.

I was so proud for decades to work for a great firm, was appreciated for good work and very happy doing things I enjoyed, with people I liked, for people who were trustworthy. Call me naive, but never have I experienced the callous disregard, false promises, cruelty and disrespect I have seen over the last 3 years. From the constant overwork, lack of management support and health damaging schedules, I have never seen it this bad. Over the long arc of my career I've seen benefits slowly reduced, or subtly changed to cut their value, technical training become worthless.

In short, as I approach the far end of my career, I am, severely disappointed in JPM. I am saddened by a change that has hurt hard working staff members as well as the damage this is doing to delivery of service to our clients and customers.

I work in Don Cousar's tower in CCB (Home Lending). I was included in a 20% reduction in this group. The 3 reasons given, 1. Reduce Cost 2. Reduce Roles 3. Increase Efficiency. Not sure how you increase efficiency with a 20% reduction. I had NO backup.

Technology. Three weeks ago had mid year review, was told all looking good, nice job so far this year.
Then, in a group meeting told two weeks ago by my immediate manager "no layoffs this year". ... Then two days after Earnings this past week record revs and better than expected $4.7in in net (even after $9bn+ addition to credit reserves!)... laid off. When I asked where this is coming from, the Manager says: it had nothing to do with performance, this is Recession related. Jamie Dimon's legacy is at risk w this... this is his Rubicon. You can't say with a straight face that you believe in Supporting America and that your Culture is built around making sure we always "Do the Right Thing," and then preemptively dump employees in anticipation of a Recession that hasn't even hurt Revenues or ultimate profitability yet. This is basically adding to the unemployment burden of the State so JPM can accumulate more profits... it suspended its dividend in March so again, where exactly is this coming from...

My role will be eliminated. It's moving to Mumbai. MAGA my a–!!!

Just laid off, technology. Right after earnings report, lots of talk of diversity. Age is not mentioned but alive and well. Last 5 laid off in my area all 50:and above.

Just been told they are laying me off in 45 days. The only disabled veteran on my team.

Do we know which LOBs were impacted with folks getting exit date in July 2020?

I worked at Chase for 38 years I was told the bank wants younger employees with fresh ideas, implying older employees don’t have fresh ideas. They use the relocation strategy as an excuse but I know a lot of employees in my group that are outside the Texas/Chicago locations that are not impacted. This was just an excuse to get rid of the more senior employees. By the way never received a bad performance review or 360 Review in my 38 years, so that could not be the problem. My replacement is in Columbus and in
Phoenix, so much for location strategy’s. Sounds like age discrimination to me, but of course to get a severance you must sign a release form stating you can not sue the bank.

Yes the job elimination notices did go out on June 12, with a termination date of July 26th, this was confirmed as I received mine.

Did this notice go out on the 12th? Can anyone confirm?

Second wave of layoffs, notices will be coming Friday June 12, with exit date of July 26th. I know because I am one of them. Chase always wants to be the leader even in tough times. Been with the bank 38 years Very disappointed, all other major banks suspended layoffs till the COVID crisis is past them. The discrimination in that bank unbelievable. Way to go Chase.

This is absurd. Chase should be hiring people and transitioning people to handle call volume while they are unable to accommodate people in the branches. Don't tell me they don't have the money. I don't work for Chase, but I will be closing my accounts as soon as I'm able to due to the exceptionally poor handling of the Covid situation, poor treatment of workers, and mismatch with my personal values.

Jamie dimon accepts large bonuses yet caps salary potential at every pay grade. No cost of living adjustments for the workers, just tense work environment.

March 2020 layoffs (RIFs) were delayed until June announcement with a July out the door date. I have been with Chase 25+ years and I volunteered for the March (June) layoff. I'll take my 1 year severance package and run! Last few years Chase is a horrible place to work, so happy to be leaving on my terms.

I worked at JPMorgan Chase Bank in Phoenix Arizona and due to being transferred to numerous positions and not knowing this would happen after I was trained as a closer they would put you on a desk you couldn't handle for no reason just to get rid of you I am 68 years old they have zero compassion for the employee
and the moral there in down the toilet. Your bonus comes in Musketeer bars and processed candy two times a week to make you work harder This is because they are a matrix driven company and will force you to get out this way by placing you on a team you have no idea how to work the desk. They will burn you out then dispose of you like a used toothpick..

Chase is a terrible place to work. The upper management are egomaniacs and if they were laid off could not get a job cleaning toliets. They discriminate against minorities and older workers.

Manilla has took the majority of Home Lending and Servicing Quality Control work.

lot of folks in CT - treasury was let go yesterday. Very sad

It’s COB here in Wilmington. They haven’t come for me yet.

I also work for Chase, witnessed immediate layoffs in October only to have remaining staff work overtime. Makes zero sense. Automation will soon take over everything. Shareholders get richer and displaced employees have to survive on $247/week in unemployment. Shame shame

https://www.bloomberg.com/amp/news/articles/2020-01-28/jpmorgan-plans-to-cut-hundreds-of-jobs-across-consumer-division

YES! Layoffs yesterday & today in the Asset & Wealth Management division. Less than 2 years ago, a middle level of Management was added. As of last Friday, that level was removed. “Hello!” Did we need highly paid workforce strategist to tell us that middle management NEVER survives.

Big cuts in CCB coming in March, I'm a vp in Columbus and have heard some cuts will be as deep as 40% headcount in certain functions. Across the board, not isolated to a specific area.

Right before our Department Christmas party my 3 up manager had a meeting and finally admitted that the team in Manilla is going to eventually be trained to do our jobs. They tried to put a positive spin on it and keep referring to the team in Manilla as our "neighbors" who we need to help out. We are starting to see some of the work coming from Manilla, and there are a lot of mistakes. Unless they officially add training people in Manilla to my job description I will not participate in correcting their mistakes.

Has anyone heard about more jobs being sent to the Philippines? More m & more departments are being eliminated in America yo be sent to the Philippines so they can pay less.

Massive amounts of Loans being service transferred to other mortgage companies. All government loans being transferred by January. Looks like January timeframe is spot on.

You must be a news reporter because you have the exact same thing posted to the Bny Mellon lay-off thread, the Wells Fargo thread, and the Pnc thread just to name a few

Why do you think you are being asked to close your year end review this year earlier than usual?

Chase Auto will be shutting down their Wilmington, DE office sometime in early 2020.

Budget for 2020 is being cut a minimum of 5%.

Yes layoffs coming in January and March