Just came across this article saying severance spending hints there won’t be job cuts in Q4. Curious if that’s really the case.
9 replies (most recent on top)
Not sure I see it that way. I think it just shows JP can pay better, has better culture and selects wisely their future employees across all levels and parts of the bank, unlike Citi... There are many talented people at JP middle office for instance. The problem is after 2008 many of them got stuck because of the increase in regulations. But many of them still managed to find a front office job.
Yes. One employer's (JPMC, GS, Morgan etc.) trash is another employer's ($hitibank) treasure.
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ROTFLMFAO !
Yes layoffs are coming. Either in December or in Jan/Feb. Managers were asked to rate a % number to lower ratings.
Back office su-ks, but that does not mean, that the person is wholly responsible for the lack of progress - reality is banks need good back offices and for that you need to pay and promote - otherwise you will end up like... well, Citi, wiring 900mln to random companies or getting 400mln fines for not being able to write and defend a proper document in front of regulators. This is the reason why back office employees at JP are getting front office jobs at companies like Citi :D
@a5 that seems like a you problem. People need to take charge of their career path. Year 3 in the same role doing the same thing should lead you to job hop. Stayers get a nice package in a RIF (sometimes) but miss out on years if not decades of higher pay. Also banking for the most parts su-k if you’re a finance guy in back office.
Layoff will be big in 2026 Q1. Story will be "Operating efficiency"
People will leave, if they can...Finance industry workers do not have any leverage left, unless they somehow managed to be one of the chosen ones, working in IB, trading, PE, etc. But even there money is not the same as the money 20y ago - why would someone pay you 500k pa as a mid-level employee, when they have thousands of applicants from all over the world, ready to work for a fraction of the money and will more or less add the same value + automation did its job really well in the past 20y, especially in trading, and now AI will ki-l IB too...
Does it matter, if they cut people in q3 and will probably cut in q1 next year?
People will leave due to lack of promotions. I’m being constantly rated 1-1 and stuck as VP for 10y. Again told nobody gets a promotion this year.