Thread regarding JPMorgan Chase & Co. layoffs

The constant turnover at JPMorgan will cost it in the end

JP Morgan don’t develop their workers and don’t hire internally, the constant turnover ultimately sends a message to us the employees. For the Past 2 years this process has accelerated and will intensify during the next several years thanks to the latest GTI initiatives.

For a while I've seen the new millennials continue to flow into our workforce with expectations of career growth and coaching, and little fear of a job-hopping stigma. If JP Morgan don’t provide career opportunities, they will leave, and they are.

In the end, the cycle of replacing employees only winds up costing more than skilling up, but again don't tell the elites that run this company at every level, they are oblivious to this fact.

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I have seen people discussing a similar lack of training on cafebanking. Somewhat surprising to see that this is happening at JPM

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I tried a contract job as a pricing analyst there.

Was suppose to be a 6 month contract with a potential to perm.

I lasted two months.

Why.

It was a new client that just arrived at JPM.

40 people on team.

I worked on money market pricing.

3 feeds 8 am 12 pm 3 pm

1st two feeds no problem along with various other tasks.

What I was informed was if all trades were booked by two pm any and all securities should flow through to pricing vendor.

Nope.

Instead, you had to do a vendor scrape, look to see what the vendor priced, make sure that the scrape did not read after 3pm for any and all securities (if so, you had to go to vendor website to verify 3pm price) If a security did not have vendor coverage look at when the security trade settles, see how many days the security is out until maturity, maybe you could use a cost price or maybe you would have to reach out to a client for coverage. Once completed, you would do 2 excel v look ups . One for vendor coverage. One for cost pricing. Load the prices up. Oh wait one minute, the cost frices are not going to interface because you need to establish a fair value client cost source code. Load up the cost prices again with the correct fair value code. Hopefully you have given everything for to a reviewer in order to meet a service deliverable time. Being 58 years old and dong this for 2 months I was missing way too many service deliveries at 3 PM. The individuals were nice over there(those that would actually talk to a contract worker which out of a team of 40 maybe 10 did) But I have no idea what their expectation was of an individual that had not worked full time since July 2012 and in between then only a 3 month contract job in 2014-2015. And why send a contract employee to a a welcome to JP Morgan seminar? Nothing that was said in that 4 hour window I had access to. Even made attempts for on line training Excel, but there was no this how we do JP Morgan classroom training in the city I was working in

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