“JPMorgan Layoffs 2024: The Company Has Fired Approximately 1,000 Staff During a Shocking Restructuring Attempt – ‘I Am Now Without My Dream Job’”
New York, October 15, 2024- JPMorgan Chase & Co. has placed employees on notice which one of the infamous financial institutions on Wall Street. The financial conglomerate, JPMorgan, has laid off close to 1,000 employees through which the banking institution has entered the second phase of their strategic cost cutting operational plan. Most employees were taken by surprise as their jobs were granted redundancy without their knowledge.”,”What We Know About The LayoffsDepartments Hit Hardest: Bore the blunt of technology, operations, and mid-level management roles.”,”Severance Packages: Healthcare and 2 – 4 months of salary, but employees prefer to refer to it as “sticking a plaster over a bullet injury.’”,”Inside the Chaos: “They Removed My Access To Everything By Lunchtime” Anika S. (Ex Team Leade, NYC): “I Was Midway Writing A Report For My Project When My Laptop Began To Hang. I Was Shortly Going To Be Contacted By HR. So My Team Had To Say Bye Bye And I Was Left Instead.” Rajesh M. (Bengaluru Tech Analyst): “I Survived Three Rounds In 2020, Not This Time. I Don’t Know What I Will Do But My Wife Is Eight Months Pregnant.”
Fears of Further Cuts: Industry insiders are concerned that an additional 5,000 jobs could disappear by the first quarter of 2025.
Why Are They So Quick To Cut? AI Replacement: Back Office Functions Are Being Automated
Post Former Merger Streamlining: First Republic Bank’s acquisition in 2023 forced overlapping functions to be deleted.
Revenue decline due to profitability squeeze: The stagnant growth in the loans alongside high-interest rates.
In a memo from CEO Jamie Dimon, he describes his decision to cut staff as “painful but necessary to remain agile,” but that has not resonated well with employees. “Agility should not mean cruelty,” tweeted WallStreetWoes.
Analysts expect aggressive losses: JPM isn’t alone in this endeavor as Goldman Sachs removed 3,200 jobs in 2023 and Citi dumped 5k positions this year. “Many are marking that as a major milestone, but reason that it marks the opening phase of many devastating cuts by AI driven automation and recession,” is worrying for many.
Sent Home? This is How To Bounce Back From It Accelerate Learning: Certifying oneself to AI, Cyber Security and ESG.
Leverage Network: The Ex-JPM Alumni Group is flooding with opportunities.
The Damage Done: Shattered Goals, Ruined Families
Clara D. (Chicago): A single mother, “After 7 years of 60-hour weeks, I feel like I’m nothing more than a spreadsheet entry.” Many Visa holders in the US and India face the consequences of being illegally deported within 60 days of searching for work.
What happens now?
Compliances Explodes: The Committee for Better Banks rallies at the tarnished JPMorgan’s NYC Headquarters.
Crowd Response: Stock prices appreciated by 2% after the announcement—this is merely an indicator of why the bastions of finance run the world.
All In All: Slashing Workforce is Corporate America’s Last Power.
These numbers are not just $45 billion—they represent actual human beings. As technology and capitalism rewire every sector, the very important question remains – whom should we blame next? At this point in time, the finance sector is on a tightrope… and changing their professional networking range.
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