I’m sure working at the largest bank in the US is perhaps every person’s dream job. However, before you make your decision to join the company, ask yourself an important question: is it better to stay undervalued for the rest of your life or be respected in a small, but growing company? To be honest, I would go for the second option. Now, why is that, you all may wonder. Why do I speak negatively about JPMorgan Chase? Well, this is where I tell my story about how JPMorgan Chase ruined my life after kicking me out along with 3,000 other employees. Yes, you can search about the layoffs made by the company if you don’t believe me. Coming back to the subject, the layoff was highly unexpected. It was announced on November 8th, 2014, and the surprising part is no one knew that the company had plans to cut jobs. Later on, it came to my knowledge that the company decided to lay off 2,000 employees from its retail banking division, but then decided to increase the number to 3,000. And as you all might have guessed, I worked in the retail banking division as well. So, yes I’m out of a job. Regardless, I’m not losing my hopes just yet as I know I’ll be getting a good job sooner or later. But the only thing I’m worried about is other people making the same mistake I did: Joining the company in hopes to grow, only to be laid off in the end. While JPMorgan Chase is the largest banking company in the US, it does require significant improvements. The company isn't stable at all and has numerous management issues and troubles. Not to mention, just recently JP Morgan announced it has plans to increase the overall layoff numbers from 2,000 to 4,000 in its Card, Merchant Services and Auto unit. Additionally, the bank has also laid off 7000 workers from its mortgage banking unit. So, I don’t think it’s a good time at all for anyone to join the company, as the only thing you might experience is disappointment after being laid off. Trust me, I know.
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Came back from medical leave to be told I have 60 days left, huge surprise to me. Now I'm looking for another job but if by chance I find one right after my 60 days the paperwork says I have to give them back a portion of my 4 week severance pay?! Anyone with a similar situation? I'm from Auto, sorry to hear about your stories everyone :-(
This is a brutal place to work. I was moved to 5 different jobs in a year and I actually got a good review. Where ever management needed someone they just move you to that job. There is no concern about your career or desires. My department has had about 25% turnover this year. Every week we have going away parties for groups of people. Compliance is hiring people with no bank experience for mid-career jobs. JPMC does not believe in promoting from within. They always hire from outside.
AMEN - you said it perfectly! After almost 14yrs I was laid off as well (along with many, many others in our LOB) and this came after the firm was showing a profit.... so it was quite a surprise. We were not in retail,card or mortgage (the areas that we knew were the hardest hit) we were from CIB (corporate & investment banking). The place was killing us anyway since we were all doing 3 or 4 or even 5 people's work because we had no choice - so I would say in some way it was a blessing in disguise, but like you I would NEVER recommend anyone to go work for this firm again. I used to be so proud to say I worked @ JPMC but the last few years so many changes have taken place (and don't forget the steep fines!) management has just gone progressively down the drain - so all of this had already taken it's toll on us. I agree with you, working for a smaller firm definitely sounds like a much better option for anyone looking to work (& grow) within the financial industry.
Good luck to all