JPM Started Layoff
This is for their mortgage division but do you guys know if they have rescinded offers before for incoming SA for IB? I accepted an offer a while back for summer 23 but just wanted to prepare incase layoff continues throughout the company and they start rescinding offers.
Here is the article https://www.cnn.com/2022/06/22/investing/jpmorgan…
Bumpppp. Just accepted JPM 2023 SA as well. I’m a little worried about layoffs but at the same time I doubt they rescind SA’s. I think it’ll be FT hiring we’ll have to worry about
Yes you are all fucked, I would start preparing for bread lines
"Incoming Soup Kitchen Analyst"
It’s the mortgage division, a division that will never be the same as it was over the last two years. Relax.
The sky is falling!! The sky is falling!!!!!!!
JPM will not rescind your offer. Sure they may have a lower FT offer rate or even get to layoffs in IB, but your offer won't realistically get rescinded. 1 keep in mind that IB is a very different part of the bank than mortgages. IB is known for having insanely high fees on a per person basis whereas other divisions just simply don't. Further, the bonus system means that there is a lot of wiggle room if the markets are bad. Banks are also coming off of a period of extreme personnel shortage in COVID so odds are they aren't willing to risk that again. If you check out the 10+ other threads on this in the last month you'd see that even the full time argument is just a bunch of prospects theorizing. I haven't seen any actual people involved in the hiring decision say that they have fewer spots or even propose that they would. Chill out and be glad you did not take a tech job...
*Rolls you up into a blunt and smokes you*
Get rescinded on bitch
Also, its significantly easier to fire Assocs/VPs above you. New analysts and even new associates are cheaper than everyone in the hierarchy. Many banks operate under that premise. Even if they don't officially lay-off people, they "lay-off" people every year in that the bottom ~10% is told there's no promotion for them to the next level and managed out and/or given bottom bucket bonus as a way of managing them out.
And if you need a comparison, many tech firms PIP anywhere between 3%-8% of their staff annually (you can search for Google, Netflix, etc.'s annual PIP rate on TeamBlind), with the percentage being higher during economic slow-down. So you are not necessarily better off at other "high performing" environments either.
TLDR: focus on yourself, and focus on doing well when you start. You signed on to a great firm. Control what you can, not what you can't.
What’s wrong with tech right now?
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