Thread regarding JPMorgan Chase & Co. layoffs

id--t Dimon continues offshoring jobs to India

Jamie Dimon’s warning for the U.S. economy" nobody knows what comes next" REALLY? ...I KNOW...heavy offshoring and outsourcing.
KEY POINTS
The range of outcomes for the economy in the second half is incredibly wide: JPMorgan Chase sees no fewer than five different paths it can take.
The bank has gotten more pessimistic, seeing unemployment in its default “base” scenario hitting nearly 11% by the end of this year, 4.3% worse than when it made the same forecast in April.

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Post ID: @OP+160kMDMQ

4 replies (most recent on top)

I currently work for Chase in Mortgage Originations. My department has hired a team in Manila and is training them to review appraisals. I'm uncomfortable with having to train my offshore replacement so I have sent out resumes and been interviewing with other lenders, including several top ten lenders. What I found out is that ALL the lenders are offshoring a significant number of jobs to India and the Philippines. One lender told me they review 85% of the appraisals they receive in India. Bottom line is that the offshoring is industry-wide, not just isolated to Chase. If you want to survive get yourself into a position that is difficult to offshore.

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Post ID: @Hqya+160kMDMQ

I was part of a massive U.S. based I.T. layoff in 2018. If it were up to Dimon, all I.T. services would be moved to India minus a handful of managers for posterity.

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Post ID: @dzkx+160kMDMQ

I dont think there is much uncertainty in his life.
his is like a plague, laying off people is his answer.

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Post ID: @shs+160kMDMQ

He did say “much uncertainty” in the news, so there you go

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Post ID: @xoh+160kMDMQ

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