As some others have noted here, I guess Chase is in constant layoff mode. We're all about hiring and firing but we do it silently.
2 weeks ago my team rif'd 2 devs and I'm pretty sure alot more got rif'd in my lob but soon after the rif, they hired a useless VP ( only managing ppl) whose not technical to micromanage when we already have an annoying and useless micromanager, our scrummaster.
Then a couple of folks I know got let go this month before 90 day period.
I guess this is the reality of corporate America.
They boast saying they're hiring but actually they're firing more than ever to save themselves!
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There is a lot of turnover in banking. Chase has to hire a lot of employees, because some people get promotions, some transfer, some retire, and others get laid off or fired unfortunately. Chase is always looking for new talent. That is a good thing.
"Sad, but they are shooting themselves in the foot do-g this because pretty soon there won't be many middle class Americans who can afford their products/services."
I am pretty sure this behavior does not benefit most middle class americans and only benefits a few not very skilled folks on the top. I am not sure why our lawmakers would allow it in a republic. Also these indians are not creating math or science. They are getting that knowledge from somewhere. It is our so-called universities stabbing their own population in the back?
It's true that they are outsourcing and hiring more overseas. i was affected by the last round of RIF and was given this reason for my job being eliminated. Also saw a recent internal email from management congratulating themselves for increasing their presence in India. If they aren't hiring abroad, they are outsourcing the operational work to Cognizant or another vendor. Sad, but they are shooting themselves in the foot do-g this because pretty soon there won't be many middle class Americans who can afford their products/services. The new middle class Indians won't need overpriced JPMC products/services.
@2brt+1sXE5iCq
Yep, my guess is the blueprint is management will be from the USA and majority of grunt work will be from India. A lot of companies are moving this route, I came from McGraw Hill and their Infrastructure/IT/Security/Development is this way also.
They are slowly doing RIFs here in the US and transferring the jobs overseas, where its much cheaper and they can hire 4 devs for the price of 1, plus they don't have to worry about benefits, mental health/wellbeing, and a host of 1st world problems when they hire people in the 3rd world who would work for pennies on the dollar. Su-ks to hear but its the truth, and if I was in JPM Sr Leadership shoes I would do the same.
The 90 day probationary period is a joke; very shady; in case you didn't know that.
I heard alot of new joiners got fired approaching their 90th day last year.
But if they missed it, they're going to be rif'd on upcoming rounds anyway
By the way, it's 60 day period notice. Only 90 days (a penalty) if the company doesn't give the 60 days notice to employees in the first place.
My company also hired lots of young people during covid with high pay, and now are laying off the older crowd with years of experience and lower paid then new hire.
AI will take over more jobs in the coming years. Save your money.