Any detailed information regarding this annual activity??
7 replies (most recent on top)
They had cuts during the pandemic and not a sound from the press.
I currently work at Chase in the mortgage originations department. Due to the offshoring of jobs in my department I have been interviewing with other lenders, including several top ten lenders. What I found out is that ALL the lenders are sending a significant number of jobs to India and Philippines. One top 10 lender I interviewed with told my they review 85% of the appraisals they receive in India. Chase does not exist in a vacuum. This is an industry-wide trend. You have to find a way to make yourself valuable to company so they can not outsource your position, or find another career. It's not fair, but that's the reality of this industry.
JPMorgan reduces staff "quietly" every quarter and moves jobs offshore, Poland, India, Philippines, South America, It stays under the radar. States look the other way. Legislatures ignore it.
Staff that have been there more than 2 years know that their job will be quietly moving out of the US. Now their new thing is hire contract workers and layoff staff stating performance, or lacking skill set and hire temporary staff. They toot they train, but they don't. Managers discourage you from taking courses that can help you with your job or future job. The only courses/training they provide is for regulatory reasons and push staff to take them. There is no retraining on AI jobs replacing many. They could save 1 of 5 staff by retraining, but it is easier to hire contracts. No ethics, no morals. But that is business and the guys, yes GUYS, who run these banks are the ones that the movies about wall street were based on. Those movies were about not only about greed, but lack of ethics, and morals something that is overtaking this country.
“declined to comment”....that actually says and means a lot.....
NYTs article re future layoffs across the banking sector.
https://www.nytimes.com/reuters/2020/08/28/business/28reuters-usa-banks-layoffs.html
Some key parts (including Wells' plan to layoff "thousands"):
"Banks have to cut costs because of expected credit issues, as well as low interest rates and regulatory pressure to trim dividends, he said.
Bank staff could shrink by an average of 5-10%, mainly at mid- and lower levels in technology, human resources and finance departments, according to Alan Johnson, head of the compensation consultancy Johnson Associates, Inc.
"JPMorgan Chase & Co already cut around 100 jobs in mid-July, according to comments on social media. People who said they worked in three divisions – the community and consumer bank, the commercial bank and the corporate and investment bank – said they were let go. JPMorgan representatives declined to comment.
Wells Fargo & Co resumed cutting jobs after outlining a three-month pause in April, it said. The affected staff have so far been in technology and retail banking, and management is planning thousands more layoffs this year and next, sources said."
Around September 30.
exoecting 10% cuts due to branch closures