Thread regarding JPMorgan Chase & Co. layoffs

Got layoff after several weeks

I got layoff after less than a year with JP Morgan Chase. Nothing to do with performance, just job elimination due to budget cuts. It went from getting a raise in my career to ruining my career. I am too embarrassed to ask my previous employer for many years for my job back.

If you plan to switch your career for higher pay, think before you go. IF POSSIBLE, ensure at least some job security in your contract for more than a year and half. During my new job search, less than a year with an employer makes the next one more worried about your performance even if it is not true.

That said, this can happen to any company or job. But I need to vent.

Best of luck all!

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Post ID: @OP+10ZFTD2u

5 replies (most recent on top)

Nothing can be done. For all the chest beating about ethics the Firm just got a RICO ( being compared to the mob must be a new jewel in their crown). When I heard about it I laughed...then cried because I know it means another stupid class for the rest of us). Eventually these jokers will cause their own implosion. I'll be gone long before that happens. I wouldn't be surprised if they stopped laying people off and just started firing them to save money.

Post ID: @ruub+10ZFTD2u


On the meantime banks in India are trying to keep all data local to India in order to protect their local jobs.

Also India has all kind of regulations where voice recording and voicemail has to be kept local.

In JPMC an IT resource hour in the US is $120/hour , in the UK $200/hour and in India $10/hour. If you do the math this is obvious. With 1 Million Engineering students graduating every year in India only %5 can find a job.

The US companies will use any kind of laws they have at their disposal to get these people in the US or maybe even open offices in India. So the blame falls in the US laws which do not project the US workers but the US companies who will exploit these people.

Post ID: @1bsj+10ZFTD2u

OP - sorry, good luck.

What group where you with?

Post ID: @nak+10ZFTD2u

@vfy at some point Chase will pay for this - this is fraudulent

Post ID: @prf+10ZFTD2u

Sad. I was talking to a Chase employee they just brought over from India. He had a 3 year guaranteed contract. Chase is committed to the "Global Initiative" to outsource jobs out of the US and bring in foreign workers who will work for less and do what they are told. They are doing this in many different departments. What is going to happen to the reputation of the bank when a high profile customer gets their identity stolen by an outsourced worker in India or the Philipines?

Post ID: @vfy+10ZFTD2u

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