Thread regarding JPMorgan Chase & Co. layoffs

Chase Layoffs 2020

This is a generic discussion thread to capture comments about potential Chase Layoffs 2020? Any news or rumors?

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Post ID: @OP+125QdEK8

35 replies (most recent on top)

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

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Post ID: @4Ufwp+125QdEK8

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

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Post ID: @4upcr+125QdEK8

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!

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Post ID: @4eilg+125QdEK8

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

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Post ID: @48gpo+125QdEK8

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.

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Post ID: @46dme+125QdEK8

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.

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Post ID: @3Wsuv+125QdEK8

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...

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Post ID: @3Vrkn+125QdEK8

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

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Post ID: @3Ubmc+125QdEK8

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.

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Post ID: @3Uqvq+125QdEK8

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

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Post ID: @3Tdft+125QdEK8

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

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Post ID: @3Otqc+125QdEK8

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.

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Post ID: @3xpkk+125QdEK8

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.

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Post ID: @3xwme+125QdEK8

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

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Post ID: @3rnri+125QdEK8

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.

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Post ID: @3kqui+125QdEK8

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.

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Post ID: @3bcea+125QdEK8

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.

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Post ID: @2Pevh+125QdEK8

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.

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Post ID: @2vfdj+125QdEK8

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..

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Post ID: @1Vbye+125QdEK8

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.

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Post ID: @1lhtm+125QdEK8

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

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Post ID: @1lycl+125QdEK8

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

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Post ID: @1jton+125QdEK8

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

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Post ID: @1izli+125QdEK8

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

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Post ID: @1hrgh+125QdEK8

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

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Post ID: @1acba+125QdEK8

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.

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Post ID: @15xmy+125QdEK8

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.

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Post ID: @Qesw+125QdEK8

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.

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Post ID: @Cqhb+125QdEK8

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.

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Post ID: @qnne+125QdEK8

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.

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Post ID: @2bds+125QdEK8

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

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Post ID: @1wjr+125QdEK8

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

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Post ID: @1pts+125QdEK8

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

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Post ID: @pkn+125QdEK8

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

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Post ID: @ipi+125QdEK8

Yes layoffs coming in January and March

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Post ID: @qsk+125QdEK8

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