I've heard rumors of cuts happening right now in Global Banking today. Anyone hear anything solid?
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3 units leads from home loans 1st mortgage and 1 unit lead from heloc in chandler, AZ
Can confirm cuts in Global Market (Sales, Tradin, Research) last week and yesterday for US. Heard more cuts in other regions next week.
There were hundreds and entire departments laid from Bank of America in home loans and reporting.
Similarly JP Morgan Chase laid of 60 members in KYC as they irresponsibly plan to cross train lower level employees (that are unqualified to say the least) to add the KYC duties to their already full plate.
KYC is an integral part of anti-fraud and anti-money laundering and placing these jobs in the hands of ilqualified employees who do not have time for additional tasks that SHOULD require a separate and highly trained division is dangerous for the individual customer, the business customers, and -in the long run- national and financial security.
Jamie Dimon and Thomas Montag are gputting everyone at risk to pay fewer employees. Cutting costs, to them, means laying off the tenured and experienced middle class worker. And, instead, assigning those task that are extremely important to financial and national security to people who get paid a salary of $25,000-$30,000 a year. These underpaid workers already worry about job security and working extensive amounts of overtime to make ends meet...... but the "big guys" cut costs because you and I, the employees, are now considered nothing more than a cost. A cost that will look mighty tempting to CUT!
Managers? What locations/departments?
Managers were laid off, to supposly streamline banking/MTG process. No exact numbers but so far it has been very minimal. No word of any more layoffs in the future.