Interesting Bloomberg article regarding JP Morgan hiring freeze:
"JPMorgan Chase & Co. froze hiring across most of the firm as millions of people stay at home to help stem the spread of the coronavirus, according to people familiar with the matter...The bank asked managers in businesses including the corporate and investment bank, the consumer unit, and the asset- and wealth-management group to review job postings and pull listings for roles that don’t need to be filled immediately"
link: https://www.bloomberg.com/news/articles/2020-03-2…
Could this be the first domino to fall?
I guess it's a sooner or later thing. School has been prepping us for this too
Well I mean, how would you hire if you cannot interview people and people cannot go to the office. Hard to onboard people remotely.
Agree completely and I think that's the case, not that the bank is failing. There are bigger more complex issues to contend with at the moment. Let Jamie Dimon recover fully from his heart surgery, for starters. Then there's a few other things on the To Do list above hiring.
Yeah nobody has capacity to interview people right now, even if remote / over TP.
It does not really appear to be a big change. No sense to hire now. If they said rescinding summer or FT offers, then you have a domino.
Exactly. I know many consulting firms have already frozen hiring. Not surprised to hear this extends to finance.
Seconding the consulting firms comment. (although experienced/industry hires for us are still a green light depending on which industry)
let's see what it looks like in two months when projects slated to start are falling through
my client base is in nyc.. if clients aren't willing to work remote my practice is fucked with a capital fucked
Betting a lot of IBs have also frozen hiring, just more on the DL. From an HR perspective, is a good idea until a clearer picture of what the market will look like emerges.
Is this for new, additional hires, or for the incoming FT class from SA 2019?
new additional hires
This is for experienced hires as well. Give it a little time. Things will turn around. Maybe not in time for summer internships. You can't expect them to be hiring when regular interviewing (in person!), desk space, onboarding, training, traveling are all impossible or very challenging.
By mid july- august credit markets will be functioning normally - so Lev Fin and DCM will be busy, and then given the lagging effect for M&A, deals will be round the clock by mid september, so nothing will happen with incoming class as the banks will get crushed with work at that point. Remember this is not a financial crisis- its a health crisis and when the cures are fully available and testing is plentiful businesses will be back up and running
Apparently this needs to be said louder for the people in the back. Everyone - stop freaking out
let’s hope so..
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