{"id":19339,"date":"2023-02-17T16:12:37","date_gmt":"2023-02-17T10:42:37","guid":{"rendered":"https:\/\/www.iquanta.in\/blog\/?p=19339"},"modified":"2023-02-17T16:12:37","modified_gmt":"2023-02-17T10:42:37","slug":"jp-morgan-chase-layoff","status":"publish","type":"post","link":"https:\/\/www.iquanta.in\/blog\/jp-morgan-chase-layoff\/","title":{"rendered":"JP Morgan Chase Layoff : Hundreds of Mortgage Employees Sacked"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_77 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.iquanta.in\/blog\/jp-morgan-chase-layoff\/#JP_Morgan_Chase_Jumps_Into_The_Layoff_Bandwagon\" >JP Morgan Chase Jumps Into The Layoff Bandwagon<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.iquanta.in\/blog\/jp-morgan-chase-layoff\/#Layoff_in_Banking\" >Layoff in Banking\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.iquanta.in\/blog\/jp-morgan-chase-layoff\/#Why_Does_a_Company_Lay_Off\" >Why Does a Company Lay Off?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.iquanta.in\/blog\/jp-morgan-chase-layoff\/#COVID_Aspect_of_Layoff\" >COVID Aspect of Layoff<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.iquanta.in\/blog\/jp-morgan-chase-layoff\/#Investor_Aspect_of_Layoffs\" >Investor Aspect of Layoffs<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.iquanta.in\/blog\/jp-morgan-chase-layoff\/#Tech_Companies\" >Tech Companies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.iquanta.in\/blog\/jp-morgan-chase-layoff\/#Entertainment\" >Entertainment\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.iquanta.in\/blog\/jp-morgan-chase-layoff\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"JP_Morgan_Chase_Jumps_Into_The_Layoff_Bandwagon\"><\/span><strong>JP Morgan Chase Jumps Into The Layoff Bandwagon<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"x1e56ztr\"><span class=\"x193iq5w xeuugli x13faqbe x1vvkbs x1xmvt09 x6prxxf xvq8zen xo1l8bm xzsf02u\">In the \u201cBig Apple\u201d as New York is often affectionately called by people all around the world \u2013 just across Hudson River downtown lies a poster for the great American dream \u2013 Manhattan. In almost the heartland of Manhattan \u2013 lies the most important finance district of the world \u2013 the Wall Street or \u2018 the Street \u201c as the suit clad corporate hotshots like to call it.<\/span><\/div>\n<h2 class=\"x1e56ztr\"><span class=\"ez-toc-section\" id=\"Layoff_in_Banking\"><\/span><span class=\"x193iq5w xeuugli x13faqbe x1vvkbs x1xmvt09 x6prxxf xvq8zen xo1l8bm xzsf02u\"><b>Layoff in Banking\u00a0<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"x1e56ztr\">\n<p><span class=\"x193iq5w xeuugli x13faqbe x1vvkbs x1xmvt09 x6prxxf xvq8zen xo1l8bm xzsf02u\">The Holy Trinity of the street \u2013 is undoubtedly the trio of\u00a0<b><i>Goldman Sachs , JP Morgan Chase and Morgan Stanley<\/i><\/b>\u00a0\u2013 the Mecca for anything related to finance and banking. Layoffs in the banking sector have been common in the last quarter as revenues dropped in terms of annual and quarterly turnover \u2013 however JP Morgan Chase surprisingly didn\u2019t layoff any of their almost 23k strong workforce. This however , was soon jinxed as the company laid off almost 500 mortgage employees from its payroll just after an hiring announcement for about 200 bankers for small scale banking operational roles.<\/span><\/p>\n<p><b><i>Jamie Dimon \u2013 the CEO of JPMC ,<\/i><\/b>\u00a0explained the seemingly contradictory move in a statement. \u201c The company works on the basis of flexible hiring and adjustments \u2013 the team analyses the data and stresses out the area where the most manpower is needed and we hire or readjust the work force accordingly. \u201c<\/p>\n<p>Layoffs being in the news with tech , entertainment and banking sector adopting the policy unanimously \u2013 lets dive deep behind the causes and examples that can be used to understand the problem in deep.<\/p>\n<\/div>\n<h2 class=\"x1e56ztr\"><span class=\"ez-toc-section\" id=\"Why_Does_a_Company_Lay_Off\"><\/span><span class=\"x193iq5w xeuugli x13faqbe x1vvkbs x1xmvt09 x6prxxf xvq8zen xo1l8bm xzsf02u\"><b><i>Why Does a Company Lay Off?<\/i><\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"x1e56ztr\"><span class=\"x193iq5w xeuugli x13faqbe x1vvkbs x1xmvt09 x6prxxf xvq8zen xo1l8bm xzsf02u\">Main incentives behind a company to lay off its workforce is to reduce operational costs , cost cutting , workforce reduction and filter and keep only skilled workers to increase productivity of the company or organization.<\/span><\/div>\n<h3 class=\"x1e56ztr\"><span class=\"ez-toc-section\" id=\"COVID_Aspect_of_Layoff\"><\/span><span class=\"x193iq5w xeuugli x13faqbe x1vvkbs x1xmvt09 x6prxxf xvq8zen xo1l8bm xzsf02u\"><strong>COVID Aspect of Layoff<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"x1e56ztr\">\n<p><span class=\"x193iq5w xeuugli x13faqbe x1vvkbs x1xmvt09 x6prxxf xvq8zen xo1l8bm xzsf02u\">Mass layoffs are obviously a consequence of excessive hiring during the 2020-21 fiscal year. Marred by COVID \u2013 the companies had to shut down branched and in order for the companies to function effectively they had to hire new individuals \u2013 creating a huge surge of employment \u2013 mainly in the IT and logistics sector \u2013 and the remote working culture seemed sustainable back then \u2013 since the operational cost of the companies decreased significantly.<\/span><\/p>\n<p>Fiscal year 22-23 however \u2013 saw the companies going operational in situ once again \u2013 increasing operational costs and the increased workforce meant loss in company\u2019s profit margin. Soon , filtering of employees on the basis of skills and the value they bring to the table started and it triggered layoffs.<\/p>\n<\/div>\n<h3 class=\"x1e56ztr\"><span class=\"ez-toc-section\" id=\"Investor_Aspect_of_Layoffs\"><\/span><span class=\"x193iq5w xeuugli x13faqbe x1vvkbs x1xmvt09 x6prxxf xvq8zen xo1l8bm xzsf02u\"><b>Investor Aspect of Layoffs<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"x1e56ztr\"><span class=\"x193iq5w xeuugli x13faqbe x1vvkbs x1xmvt09 x6prxxf xvq8zen xo1l8bm xzsf02u\">The reality however is that its not always about the performance \u2013 with impending recession threat and the predicted bearish markets that indicate a sluggish economic growth in the recent years \u2013 the investor mentality has shifted more on the defensive side \u2013 creating funding bottleneck for various firms and companies \u2013 who are forced to cut their workforce. It\u2019s unfortunate and and tough to swallow \u2013 but this is the harsh reality \u201c heard on the street\u201d .<\/span><\/div>\n<h2 class=\"x1e56ztr\"><span class=\"ez-toc-section\" id=\"Tech_Companies\"><\/span><span class=\"x193iq5w xeuugli x13faqbe x1vvkbs x1xmvt09 x6prxxf xvq8zen xo1l8bm xzsf02u\"><b>Tech Companies<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"x1e56ztr\"><span class=\"x193iq5w xeuugli x13faqbe x1vvkbs x1xmvt09 x6prxxf xvq8zen xo1l8bm xzsf02u\">Meta , Alphabet , Microsoft and Apple announced layoffs. Twitter however adopted a different path , demanding rigorous working hours from the employees and focusing only on the skilled individuals to stay on the boat \u2013 swiftly shifting the blame of laying off almost 2\/3rd of its workforce \u2013 as a mass resignation and not a mass layoff<b>.<\/b><\/span><\/div>\n<h2 class=\"x1e56ztr\"><span class=\"ez-toc-section\" id=\"Entertainment\"><\/span><span class=\"x193iq5w xeuugli x13faqbe x1vvkbs x1xmvt09 x6prxxf xvq8zen xo1l8bm xzsf02u\"><b>Entertainment\u00a0<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"x1e56ztr\"><span class=\"x193iq5w xeuugli x13faqbe x1vvkbs x1xmvt09 x6prxxf xvq8zen xo1l8bm xzsf02u\"><b>Spotify\u00a0<\/b>laid off it\u2019s podcast team to reduce operational costs and maintain a healthy profit margin.\u00a0<b><i>Disney\u00a0<\/i><\/b>laid off almost 7000 employees as it saw a sharp drop in online streaming subscription figures of its services.<\/span><\/div>\n<h2 class=\"x1e56ztr\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong><span class=\"x193iq5w xeuugli x13faqbe x1vvkbs x1xmvt09 x6prxxf xvq8zen xo1l8bm xzsf02u\">Conclusion <\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"x1e56ztr\"><span class=\"x193iq5w xeuugli x13faqbe x1vvkbs x1xmvt09 x6prxxf xvq8zen xo1l8bm xzsf02u\">There have been mixed opinions about the layoffs \u2013 experts often criticizing the move as extreme and inhuman \u2013 but they haven\u2019t been able to propose an alternative either. Love it or hate it , the reality is that recession is here to stay for a while , if not persist \u2013 fingers crossed , into a\u00a0<b>recession feedback loop<\/b>.<\/span><\/div>\n","protected":false},"excerpt":{"rendered":"<p>JP Morgan Chase Jumps Into The Layoff Bandwagon In the \u201cBig Apple\u201d as New York is often affectionately called by people all around the world \u2013 just across Hudson River downtown lies a poster for the great American dream \u2013 Manhattan. In almost the heartland of Manhattan \u2013 lies the most important finance district of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19343,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.4 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>JP Morgan Chase Layoff : Hundreds of Mortgage Employees Sacked - iQuanta<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.iquanta.in\/blog\/jp-morgan-chase-layoff\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JP Morgan Chase Layoff : Hundreds of Mortgage Employees Sacked\" \/>\n<meta property=\"og:description\" content=\"JP Morgan Chase Jumps Into The Layoff Bandwagon In the \u201cBig Apple\u201d as New York is often affectionately called by people all around the world \u2013 just across Hudson River downtown lies a poster for the great American dream \u2013 Manhattan. 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