Posted on 05/29/2015 4:52:55 PM PDT by 2ndDivisionVet
J.P. Morgan Chase & Co. has begun layoffs that are expected to total more than 5,000 by next year, people familiar with the matter said.
This latest phase of cuts started earlier this year and would eliminate at least 2% of the bank’s JPM, workforce over the next year.
The moves come as the nation’s largest bank overhauls its 5,570 branches to rely more on technology and less on human tellers. Chairman and Chief Executive James Dimon said Wednesday that the average J.P. Morgan Chase branch would lose one employee over the next two years, mostly through attrition....
(Excerpt) Read more at marketwatch.com ...
I noticed a month or so ago that my Chase branch permanently closed their drive-thru lanes.
Saving $15 per hour per employee. Tsk. Tsk!
Kinda hard to feel bad for Dimon as he was the one who walked Obama up and down Wall Street telling everyone "we can work with this guy" - look what it got them.....Feh.....
One employee per bank isn’t really very much. Interesting that he made this a public announcement. He could have just done it quietly.
Where there bank layoffs when Congress passed the unconstitutional Housing and Economic recovery act of 2008? If not, then the country has definitely been worse off under Obama. (No surprise there.)
“The moves come as the nation’s largest bank overhauls its 5,570 branches to rely more on technology and less on human tellers.”
Been happening already in Colorado. All the Chase branches I’ve been to lately have two employees: one teller and one manager/banker. I chatted with a teller yesterday and was told the reductions had been via attrition so far. Looks like that’s getting ready to change.
Don’t know what gives exactly, but I figure Chase is cutting fat, meat and bone because they’ve got a REALLY bad bet on tens of billions of Venezuela bonds or some such getting ready to publicly explode and their earnings are going to totally tank. No other real reason to cut this drastically.
As to “relying on technology”, it’s not like any of these banks have added any more ATM machines or the Chase website has gotten way more functional, so you know that’s simply BS too.
ATTN: JP MORGAN employees
buy my book before you are unemployed
Soros is getting a pink slip?!?
/s
If you have over 250,000 employees, getting rid of 5000 headcount by attrition is not drastic at all. We’re talking 2% of the workforce. The annual quit and retire rate is probably much higher than that, although most of those have to be replaced.
Furthermore, JP has a branch on every other corner in some markets, owing to acquisitions. Finally, at the end of one story I read on this were these words: "JPMorgan Chase hires nearly 40,000 people per year."
Oh great. More customer service jobs going to India and the Philippines. The regulatory and tax policies in place are killing American business and its workforce. The GOP nominee needs to make jobs, and how we can create and keep them in America, one of the centerpieces of the presidential campaign. We can fault corporate America for some of their business practices, but first thing first we need to create a far more friendlier business climate to stem the tide of the exodus of American jobs.
“If you have over 250,000 employees, getting rid of 5000 headcount by attrition is not drastic at all. We’re talking 2% of the workforce. The annual quit and retire rate is probably much higher than that, although most of those have to be replaced.”
Indeed. But what’s the point of leaving thousands of branch banks nearly unstaffed? They’re probably paying way more for the maintenance staff and utility bills than a couple of near-minimum wage part-time cashiers per branch.
Don’t worry, they will still be laundering drug money and making fraudulent mortgages.
Wow - even free arbitrage, fake interest rates and bail-outs by the Fed can’t help any more
You need a minimum of three per branch for physical safety if nothing else
Banks are trying to drive people out of branches toward ATMs. Also trying to eliminate checks and going with on line payments
It is new day
I use a small local bank, that USE to be open for decades at the drive through on Saturday. Now they are closed. It makes it had for those who work Mon-Sat to bank.
The ranks of the unemployed will swell big time as this $15 an hr keeps hitting them.
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