JP Morgan just cut 200 people from compliance operaitons including a lot in Delaware. No prior warning was given and most analysts are expected to work over time due to the large work load. I don't understand why they are laying people off in Compliance when they are still under a consent order.
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i wonder how they decided which employees should go? based on what?
Thats because the people they hired are telling them they broke the law and continue to do so. It's like the security breach, according to diamon they are going to hire 10,000 people to fix the issue, and they are also going to hire 100,000 veterans. Neither of which really happened of course. So if your in risk, and you tell someone hey thats illegal, it's basically a death sentence. Management will do what it wants all they want is yes men and women and all they want to do is work you into the ground.
March 26, 2015 - 8am - CHASE LAYOFFs
J P Morgan Chase is laying off as part of their "Location Strategy" many Irvine, Orange County employees. They say expense cutting is required, but hummm...liars. Greedy bastards. Net Income for 2014 was reported at $21.22B, yes that is BILLION dollars
And why do they need to cut expenses? All of this comes when Government "Consent Orders" have been placed against the company...
http://www.federalreserve.gov/newsevents/press/enforcement/20130114a.htm
"Release Date: January 14, 2013
For immediate release
The Federal Reserve Board on Monday issued two consent Cease and Desist Orders against JPMorgan Chase & Co., New York, New York (JPMC), a registered bank holding company. The first order requires JPMC to take corrective action to continue ongoing enhancements to its risk-management program and its finance and internal audit functions, particularly in regard to JPMC's Chief Investment Office (CIO). The Board's order follows the disclosure of significant losses in a large synthetic credit portfolio that was managed by the CIO. The second order requires JPMC to take corrective action to enhance its program for compliance with the Bank Secrecy Act and other anti-money laundering requirements at JPMC's various subsidiaries."