I worked for JP Morgan for many years and recently left due to the toxic nature that managers have towards employees. This is not across the board but I definitely saw a large amount of it. I was a skilled project manager working for other large banks and always the go to person for large and important high visibility projects. To be successful prior to JP Morgan I would create a current and future state diagram, define impacted areas, create a time line in Ms Project. When I joined Chase the problem I immediately saw was due to their internal transfer they had a large pool of project managers from the business with no skills. I found myself teaching the basics of Ms project and visio to senior project managers. Because the people implementing the projects (Treasury, OCC, DOJ) were not qualified they created deadlines in the sand without know any details or requirements on the project. This is a recipe to push your employees to fail. How can you pick a deadline without knowing what you are installing? This would be similar to me telling you I can build you a house in 30 days without knowing where you live, where is the house being built, how big is the house, with no budget defined or blue prints.
Promotions were strictly based on anything but performance. I saw so much money wasted flying PMs into Dallas from NY, CA, NJ, FL weekly to implement a project while they had qualified project managers in Dallas. And these trips were costly and became a party and drunkfesr for these employees. This went on for over a year .
And no shocker... The project never went in because you have internal transfers trying to do something they were not qualified to do. I even saw trips where employees would fly in just to go to a dinner and not even go into the office.
I have several examples with one manager who allowed her employee unlimited time off and would approve her travel weekly and they would not even go into the office. After this project failed, This particular PM would brag to me that she had zero projects and worked from home and slept until noon each day before going out for drinks. Her salary was close to 90k. I'm sure the shareholders, including myself, would not approve of this. I confronted this manager about her employees and the code of ethics each employee is required to take should have had this employee fired but no. She is now an executive.
If I had any advise for JP Morgan it would be:
-Centralize operations more.
-Cut out work from home jobs
-Require the same requirements for internal transfer as you would for new hires. Just because they are an existing employee doesn't mean they can do any job.