Does anyone have any intel on potential layoffs? In a product group and hearing it will happen in the next few weeks, but not sure if it will be in a more direct way (i.e. GS) or indirect (i.e. placing individuals on PIPs, paying zero bonus to have people quit, etc.), and what levels it will affect
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From what I know, incoming layoffs also in markets, but nothing massive. Not sure about when and how, we just know it's performance based. Hope someone else can provide further info.
Last year was done in indirect, more discrete way.
For real? CIB Markets is pretty much the only group that posted positive YoY numbers.
Sad but true, this was announced in internal call. Again, nothing massive in Markets and should target underperformers.
Probably the tech side of JPM similar to GS ‘Marcus’
I’m curious as well about this. In an industry group and just got an all-hands call for early Feb
What location?
NY office
Hearing it will be more direct…though I’m sure additional folks will likely quit on their own given how bad bonuses were for bottom bucket associates / VPs.
Curious which groups will be most affected
From what I’ve heard, people on my team were given 0 for bonuses and told they should look for another job.
Heard they are coming in Feb
Heard from who?
Multiple seniors in our group
You were right
Bump..are A1s safe?
Any info on the Houston office?
I work at JP Morgan. I was top bucket first year, top bucket second year, and all of a sudden I need massive improvement / growth. Literally opposite of what I heard in my mid-year reviews. Not sure if my independent reviewer was on a cocktail of drugs while doing his diligence on me or if the firm is planning to tactically let go of VPs and associates based on "performance" reasons. Either way - feel like I was spat on and have already called upon my network to summon me to the mega funds. Good wake up call as I'm tired of managing directors getting wasted at happy hours and complaining they've wasted their lives doing something meaningless. Arrivederci
“I didn't see it then, but it turned out that getting fired from JPMorgan was the best thing that could have ever happened to me. The heaviness of being successful was replaced by the lightness of being a beginner again, less sure about everything. It freed me to enter one of the most creative periods of my life.”
― Steve Jobs
Hey I'm a incoming at JPM can I PM you for some advice if you don't mind, I know it’s the best thing to comment but wanted your insights
My brother… he is leaving the firm and clearly doesn’t want anything to do with them right now. Why, in gods name, would he PM you tips and tricks for JPM
Some of you interns need to learn to read the room
There wasn’t anyone else you could have asked bro?
Oh yeah JPM is the most pathetic of all banks when it comes to lay offs
Life is better far away from them :)
Why did you even stay that long if you were interested in moving to PE
Also at JPM here, are you based in LDN?
At JPM as well and based on what i've been hearing from peers and seeing (i.e. bonuses), think the JPM strategy is to have folks quit on their own volition (due to 0 or close to 0 bonuses, not giving promotions, "poor performance" reviews, etc).. have. seen a couple of EDs, VPs and Assocs (that were snubbed from promotion) disappear and mentioned they were going quit after the paycheck hits lol
After that wave of people leaving, then I think we will indeed see the layoffs come in
Assume you were SSS last year. Did they take you down to OOO? Are you a VP3?
At a minimum I suppose even if comp was less than ideal, it’s good that you guys at least got paid before layoffs?
I suppose for those who got zero the writing is on
the wall unfortunately
Is this group specific? Know ECM / DCM / LevFin are having tough years so am wondering if the rumors you heard were focused on products vs all CIB? Either way good luck to everyone..
Hearing it’s all groups for IBD with underperforming groups likely getting heavier cuts…no idea about other divisions
Thanks for color here— any chance you could please provide any insight where you heard the rumors/how credible they or their sources are? Sit within a middle performing group as an An2 and just haven’t heard anything yet on my side (not even rumors/murmurs of potential layoffs)
What about wealth management?
I haven't heard any rumors. Anecdotally, my market has 2 off cycle analysts starting at the end of the month. AWM's quarter looked a lot different than CIB
No in PB anymore, but AWM as a whole did not bleed too much and is a growing business because of the consistent nature of the revenue so would imagine they are safe.
The new head of ECM Achintya Mangla, is about to sever the heads of many poor and unfortunate souls in the next few weeks.
Coming off the bull market, JP Morgan overhired in numerous ECM groups. Have seen numerous analysts and associates hired within the last couple of months.
Instead of taking responsibility, they're going to send these pawns back out into this market, with a month of severance and a name that that reads "gen z / millenial job hopper".
Thank god for the low retention rates in coverage, or we'd probably be facing the same fate. ECMers have a narrow skillset with less exit opportunities and are tied to this job.
In top 3 coverage. can confirm a few bottom associates received VERY low bonuses (close to 0), but unsure if there was any communication in parallel on whether they’d be laid off / fired. There’s a big difference in paying low bonus and hoping people quit (and calling it an informal layoff) vs. what was done at GS.
like the above poster says, Wouldn’t be surprised if there’s more brutal/direct layoffs in ecm / tech coverage/ more exposed groups, but still unsure how this plays out for other groups (or has already been playing out, if they’ve already told bottom associates, VPs, etc last week they should look for a new job), and also how this plays out for analysts, who haven’t receive a formal review since July’s full year feedback .
JAMIE MAKE ME LIQUIDDDD
Thoughts on this AMs town hall?
Anything significant mentioned?
Heard 7 directors in IB were laid off today
In NY?
Talked with Jamie about it. Big layoffs incoming
some industry teams continuing to hire in London
Heard a few industry groups began informal layoffs (i.e. done pretty quietly)..any truth to this? nothing so far in my group
By informal layoffs do you mean low / zero bonuses or something else?
Can confirm small number of layoffs, mostly focused on seniors
Was this today?
Del
Hearing it's happening today / currently...
Confirmed happening today. Source - got chopped
I was cut as well. 1st year analyst in coverage. I tried to ask about how the decision was made / is it performance related but got no info. Do you have any info? Also don’t know what severance is
What group, nyc?
What level? What groups
What is the magnitude of layoffs? About 10%?
Layoffs across all groups nationwide and all levels
Heard the same. Seems like the minuscule bonus was not enough to trigger enough voluntary resignations…
Is this a worldwide thing? Across all divisions?
Did it impact the m&c group?
curious too
MnC is perennially understaffed so would not be surprised if they were unaffected / very lightly impacted
yep
Any in Houston?
Bump for Houston
Yup. At the analyst level across all years.
What severance package?
45 days still employed plus 4 weeks severance if you’ve been there for one year or less
Hearing some JPM levfin layoffs today?
Haven't heard anything - is there another round of layoffs now?
Like a quarter of juniors in LF
Any other groups besides LF?
Bump - were there layoffs and was it more than just levfin?
Bump
Bump
they let go associates in lev fin
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