Thread regarding JPMorgan Chase & Co. layoffs

New Headquarters

Does everyone really believe the new headquarters will house the same number of JPM employees as it previously did? With a shrunken JPM footprint in the US and with the number of New York, New Jersey and Connecticut employees laid off, relocated or no longer needed I really doubt there will be a high demand to move staff below the VP, or any level, to the new headquarters.

Also, why waste so much money today to build new temporary offices in the "Old Bear Sterns" for the Chairman and other executives if they are looking to move them into the Headquarters once built. Weren't there offices good enough in the "Old Bear Sterns" building for temporary use? Why spend money for space that is temporary. Is that a crazy question to ask? Or was that even asked?

If a yard long table top with 2 draws and a locker is good enough for a clerk, a supervisor, VP or ED why can't an executive work in a temporary office that is smaller and less plush. Temporary...no I think not. I think they are betting property values will go higher in NY and will sell. The employees with the jobs that functioned from 270 Park Ave have been relocated, laid off, downsized or are no longer needed due to automation.

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Post ID: @ZLBx3gt

9 replies (most recent on top)

Like our govt, the upper echelon in the bank will always get to stay in New York because they are more important than the rest of you. The decadence of this new building is just the middle finger to all of you getting laid off or being told your job is moving 1000 or 5000 miles away. Good people have been leaving this bank in droves for years now, only politicians who are connected within the bank and protected stay.

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Post ID: @ZLBx3gt-twyo

They have been axing massive jobs in Plano so whoever said texas is growing is full of freakn hot air and gas

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Post ID: @ZLBx3gt-eaml

Do any of the jobs need to be in the US if staff can work remotely and access data from anywhere in the world?

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Post ID: @ZLBx3gt-8yyd

Then will they need the new building?

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Post ID: @ZLBx3gt-8gdh

If your job doesn’t have to be in NYC it won’t be, that’s the bank’s strategy over next 2 years, thousands will be let go while other locations will look to reduce but not to the scale of NYC. Mandate from Jamie is to reduce expenses by $250 million, next round of layoffs in NY is July 15th

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Post ID: @ZLBx3gt-7fvx

I agree. Completely tearing down a perfectly good building and building another in its place is a complete waste of money. Meanwhile everyone else will be sitting a “high efficiency” benches.

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Post ID: @ZLBx3gt-1ixr

I read Texas will house more people in the future than NY. I think Chase had an email about it a few months ago

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Post ID: @ZLBx3gt-rtw

How soon?

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Post ID: @ZLBx3gt-gwp

Jersey city will be gone soon.

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Post ID: @ZLBx3gt-jyp

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