I'm in Garden City and we were told that the next announcements are going to be made on September 17th. Well, it is 9/17
Already... Any news
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They closed offices 3 years ago which they were leasing when the Rochester building was the biggest expense but they owned it and that is a dying or already dead town. They couldn't sell it. They finally did sell most or all of it but still have staff there. Why? It's costing the centralized workers to have these workers who have to expense travel to get to one of the centralized areas in DFW, JAX, or PHX. Shut it down in upstate.
actually it's pretty much standard. in pay terms it's 2 weeks for every year, in my case it's 10 weeks even if i had not been with the Firm a full 5 years yet, only 4 and a half years yet it appears the Firm treated it like 5 years given it's past midyear. Also, all unused vacation is paid out, it's a benefit of course. JPMC offers a pension which is fully vested, that will be paid out also. The Firm gives you the pension at no cost to you, based on years with the Firm. that's about 10k to me. The 401K is fully vested as well, and will be paid out. what i do with the 401K depends the next job i get, i might take it and add it to my current investments. the Firm gives you a basic 50,000 term life policy, also covered by the Firm unless you want to increase it. You have the option to continue that by taking over the premiums. i'll look into what the premiums are and if it's reasonable i may take it over. So overall the Firm's package is at least standard to most other large companies, possible better. i wouldn't know as i've never been laid off before. while i'd prefer not to have my job eliminated, the package is in my mind fair overall. the catch of course is you must work the 45 day notice to collect the weeks of severance. the rest would be paid out anyway, such as the pension and of course the 401k. those would be owed regardless. most of the companies i've worked for in the past, i wouldn't return to. the reasons have not changed, some were location decisions, some it was the company culture among other things. as far as JPMC is concerned, i would not rule out returning to JPMC in the future, especially if the position was in the DFW area. if it's elsewhere, it depends on where.
What kind of package do they even offer? I heard it was pretty crappy.
I'm in Garden City and got my notice yesterday along with several others. Not sure how many. I'm getting a severance package. Last day 12/11. Wish it were sooner.
Sorry to hear. You sound like you deserve a break
i got laid off today. i hear 1,100 people were laid off, mostly in GTI. GTI (Global Technology & Infrastructure) is 50 Million over budget. it also had to do with strategic location. DFW is not a GTI strategic location. while i get a severance i wonder how much bonus money it will and should cost the GTI upper management for being 50 million over budget? one of GTI's dirty little secrets is they were understaffed and thus the overtime charged got them 50 million in the hole. Also, they required you to get someone who did not work the same shift as you to agree to cover for vacation. yep. cover for vacation just so you could take your vacation. that was never official HR policy and several people complained as well they should. i bet Jamie Dimon would (should) go ballistic if he knew GTI was requiring this for people to take their vacation. that "policy" vanished once it was announced GTI was 50 Million over budget. some GTI executives should also vanish. they created this mess. given that if i get a new job before Nov 1st i'll lose the severance i plan on taking some time off. travel. do some work around my house. since 1989 i've been unemployed 2 months total in 34 years. i deserve an extended break from Corporate America.
They have started in Coppel, TX
I heard announcements wont be made until this afternoon so management wont have to deal with distrot people as long.