JPMorgan Chase cuts employee raises & benefits
From a reader:
JPMorgan’s Treasure & Security Services division announced a 2012 raise suspension for all employees. There’s also discussion of bonuses being diminished or eliminated as well. This news arrives on the heels of the ill-received 2012 Healthcare Plan overhaul which has the potential for a significant financial impact on employees and their families, in the event of an illness or visits to other than Primary Care Physicians.
Bad bad Chase | admin November 21, 2011
By Twice Screwed, November 27, 2011 @ 12:21 pm
The new 2012 health care benefits plan being offered by JPMorgan Chase is a complete overhaul of prior years and, in a sentence, completely screws employees and their families. CEO Jamie Demon wrote an internal email to employees, in a failed attempt to convince these changes are good for all. He forgot that his employees are intelligent and will do a comparison to the prior year. This comparison clearly reveals that COPAYS have been ELIMINATED, deductibles RAISED, the 90/10 ratio INCREASED to 80/20. Unless one is a single, completely healthy individual, JPMCs new plan will surely strike heavy at the wallets of already-struggling families. Anything outside of the annual wellness checkup will force a COMPLETE out of pocket payment until one’s deductible is met. Last year, that family deductible was $750 USD while 2012 will see a $3000 USD deductible. Once a family reaches that threshold, they will CONTINUOUSLY pay %20 of all medical services rendered for the remainder of the year. Again, NO MORE COPAYS in 2012 and likely thereafter.
By Pay cut 3 years in a row, November 30, 2011 @ 1:40 pm
And this, from a company reporting RECORD profits. 2008 profits were $5.6B, 2009 profits were $11.7B, 2010 profits were $17.4B – and total profits through 3 quarters in 2011 – $15.3B – on pace for nearly $20B in profits in 2011.
By JamieScrews America, November 30, 2011 @ 7:00 pm
Check out this article as proof on Bloomerg site published Nov 30, 2011.
Admin, please copy and paste the article points most relevant in this forum!
http://www.bloomberg.com/news/2011-11-30/jpmorgan-bonuses-may-drop-as-bank-wraps-up-performance-reviews.html
By JPMorgan Chaffe, January 1, 2012 @ 9:30 pm
JPMorgan Chase GTI (Global Technology) received a salary freeze for those earning more than $100,000 annually. TSS (Treasury Services and Securities) received a freeze for those earning greater than $70,000 annually. Despite management’s receipt of the allocated bonus pools, employees are still awaiting confirmation or denial of annual bonuses as received in prior years.
By My Opinion, January 7, 2012 @ 11:54 am
JPMorgan Chase suspended raises and cut bonuses to position themselves to buy / acquire another bank; either Bank of America or an Asia bank, sources have confessed. This strategy was seen in the past with Bank One and JPMC.
By Knot Write, January 12, 2012 @ 5:55 pm
CEO Jamie Dimon’s total compensation for 2011 was $41m. Public information.
By Jamie pay your employees!, January 23, 2012 @ 2:20 pm
2012! You Should be embarassed!
No raises again for RPS employees… yet Jamie gets yet another raise!
Hours of on call work not paid for and no bonues.
Remind me again why we work here!
By chase supporter, May 20, 2012 @ 1:35 pm
In a strugging economy …you all seem to forget chase pays excellnt wages. Who cares what the ceo`s do and what they get paid…your not doing there job or handling their responsibilities….the benefits plan is a good one and as a single mom I have benefitted well from it. Furthermore why sit and claim about your bonuses being cut when your wages are paid pretty well. If you feel you can work somewhere with better benefits with bonuses then by. All means go for it…but its fruitless to sit an complain about it.I love chase as an account holder as well as being an employee..I appreciate my job and the earnings I get.
By LeftJPMthankgod, June 12, 2012 @ 8:32 am
I have left JPMorgan and am now working at a very well respected company. JPMorgan DOES SUCK and they DO NOT care about their employees! Everyone and Anyone is replaceable. That is not the way one wants to feel about themselves when doing their daily job.
JPMorgan’s salaries are no better than where I am now. This goes for many that have left JPMorgan! So for anyone to say that the salarys there are “good” is not correct. They are average, BUT with this new Healthcare Initiative the salaries are “NOT SO GOOD” as one may say!
By coakl, June 19, 2012 @ 10:51 am
Leaving Chase gives one a huge sigh of relief…like pushing out a giant turd in the bathroom.
I left behind a f’ed up micro-managing moron named Miki Saini, regional market manager for California bank branches.
By to chase supporters, July 23, 2012 @ 8:09 pm
I am a real single mother who worked her ass off and was laid off by this great company who illegally forcloses on peoples home everyday. I have personal experience with the new heath care and I paid everything out of pocket and was reimbursed with my own money that I did not have access to unless approved by Chase with proof of receipt. I had a serious health issue and paid full amount of $1700 out of pocket. U can never have job security with a business like chase and with a selfish money grubber who has no limits or care about the people or employees so suck on that when ur telling a cancer patient that u can’t save there home
By LEAVE WHEN YOU CAN!, August 10, 2012 @ 11:02 pm
To chase supporter. Are you fricken kidding me? That place SUCKS BIG TIME. I work in the call center. My goodness, they take micro managing to a whole other level, number one. Good pay? My, this must be your first job. This place, for exp customer service person, a step or two above min wage standards. Example, I have 15 years exp in customer service, married with one kid. I make just $12 an HOUR (before taxes). I work the late shift, so I get the extra 10% per hour for that. But, what happens when, my shift changes where I’m no longer working the late shift? Goodby 10%! If I didn’t get the extra money from the VA, me and my family would be hurting on Chase “wonderful” pay. Also, I might add, there is no STRUCTURE at all in these place. Now, with that, I’ll say I always have my eyes and ears out for something better then this crapy place. Another thing, the benefits are a JOKE!
By ChaseSucks, August 23, 2012 @ 9:13 pm
OMG im a single parent with 2kids active in sports and i fear they get hurt because my wallet will hurt 100x more with the $3000 deductible. The benefits SUCK big time, we all need raise just to be able to afford the insurance and the premiums. There’s a saying around Chase that you you seriously screw upwards ..meaning the more you screw up the more you move up. Promotions are not given based on experience, and performance on the job they’re given to ass kissers and friends of management. NO STRUCTURE OR FOLLOW THROUGH NOR COMMITTMENT TO THE FRONT LINE DEALING WITH THE CUSTOMER’S WE SHOULD ALL BE WORKING HARD FOR AS THEY PAY ALL OF OUR SALARIES.
By Trickle Down BS, September 11, 2012 @ 9:58 am
I’m so tired of hearing about “Trickle Down”, despite being a Republican. Want proof it doesn’t work? Look at Jamie Dimon of JPMC: He’s a Republican whose 2011 earnings compensation package was a whopping 80,000,000 and he didn’t give any of it away or create something to help the public. No… instead, he denied tens of thousands of his employees in TSS Treasury Services & Securities as well as GTI Global Technology raises in early 2012. People like Jamie deserve much higher taxes.
By hecter Dias, October 11, 2012 @ 7:04 am
My wife currently works at Chase and not a day goes by without some new complaint. WHen the incompetent manager is not kissing up to management he is deriding loyal hard working workers about how they are falling short of quotas. Several people have left due to nervous breakdowns. The health coverage is so bad, that my wife is considering opting out. The workers have to be fashionistas, constantly told how to dress, what to wear, but not a dime extra to pay for it. Several workers are forced to work on weekends and late into the night for fear of not making the quota and being fired. There are so many meetings that if you count up all of the hours in useless meeting, there is scarcely a full day’s worth of time in a week to get any work done. Management does not have a clue, because instead of recruting people with experience, they have recruited far and wide from every sector. Ex. When the auto industry nearly collapsed, there was an influx of sales managers who took the reins and tried turning the company into a sales organization. (A remnant of this remains with the quota system) Now, in the name of patriotism, they are hiring returning veterans, but the real reason for the hire’s are low pay and tax credits from the government. Hopefully the inadequate health care won’t result in someone getting hurt when an ex-marine hire has a flashback. There is a right way and a wrong way to run a company. Hopefully a trajedy doesnt happen before management gets a clue…
By Lhernana2j, January 4, 2013 @ 4:33 pm
Man it’s so sad to see all of these negative comments. I guess there is just no waynout with corporate. Too bad that these people don’t take care of their employees.
By LeavingChaseToday, January 8, 2013 @ 9:10 am
To chase supporter:
I understand the, “i’m glad and grateful to have a job” attitude. I was like that when I first started with Chase almost two years ago. After two years nearly two years of being told that we must arrive early to get our stations set up, and then told that doing so was not considered work, therefore not getting paid gets old. Asking employees to cut their lunches short so they can help customers because they’re too cheap to hire more employees, telling their employees during the interview that they are flexible with students only to be told a year later that they are no longer wiling to accommodate a school schedule and that we need to be available even on our days off, and hiring snot nosed kids with little to no banking experience for 30 / 40 hours a week while you’ve been kept at 20 (and remain at 20) is not a good company to work for. We are asked many times to do the work of more than one employee all in the name of keeping the rich richer.Excellent pay is a relative description here. Perhaps it’s great pay if you’ve never had a job before, but to anyone else, especially those with families, the pay is shit. Any company who is accountable only to its shareholders and not its employees, and customers is only interested in how much money they can make – at our expense.
By JPMC WageFreeze 2013, January 24, 2013 @ 10:14 am
In yet another desparate attempt to reduce wages salaries at JPmorganChase, the shirts who ARE making millions have decided to make a few more changes to seemingly block employees from being awarded cost-of-living pay raises (at a minimum) and bonuses based on their title and contributions.
As a reminder, 2012 offered zero raises to thousands of JPMC employees; particularly those working in technology circles internally named GTI and TSS.
Many hoped that, in 2013, Jamie and his band of over-paid, over-egoed shirts would make up for their harsh decision to freeze wages the prior year. Instead, not only were zero to 2% raises distributed, but now the company is eliminating certain titles or at least combining titles in what seems like another dishonorable attempt to downgrade and demote personnel which can only give way to smaller pay scales in the current and coming years.
By DJPMC, January 28, 2013 @ 9:15 pm
Another year…of NO raise here in TSS. I came in early and stayed late to train people in Manila and Mumbai so the company could outsource and save money. After this happened a few months ago the manager was on a conference call with fellow employees around the time of enrollment of benefits and tried to remind them to fill out their benefits…he quickly got a call and was reminded that they (people overseas in this particular location) didn’t get any benefits..lol. I’m disgusted that they are outsourcing jobs all the while hiring veterans in our department on contract status many of whom have been that way for over 9 months…then they go with this ploy they are hiring veterans. So basically we got shafted while they shipped jobs Manila and Mumbai and hired Veterans as temps with no benefits…SHAME!!! JPM is just asking for bad press.
By Poorstudent, February 8, 2013 @ 8:07 pm
I have worked for this company more more than 6 years and have never had the misfortune to not get a raise. I try to be optimistic about things but today when i got my incentive letter it became a little difficult. yeah i got NO raise this year, and after reading all of the comments it kind of makes sense, but it Hella sucks!!! since I am a full time student it is hard to find a job that wont require me to work a lot (because of financial aid restrictions) and in addition wont pay minimum wage. So for now i guess i will have to swallow my anger and attempt to be content with what i have. again its not like i have much choice… I hope in the near future improvements with its employees benefits get better, but for now. well blah!!!!! ( i even called 2 separate district managers for their input. lol
By chsehatter, March 1, 2013 @ 11:57 am
I worked for chase for 3 yrs and with the exception of one manager that was excellent I had to work for power abusing managers who were incompetent and clueless and would do nothing but put down their employees by belittling, verbally abusing, lying manipulating, threatening their jobs. The call center I worked in was ran by a bunch of idiots. I cried every night on my way home I walked on eggshells daily with threats of getting fired. The worst place I have ever worked!
By Control Freaks, July 8, 2013 @ 5:00 pm
JPMC recently sent internal memo to all employees stating they can no longer buy or sell stocks (jpmc stock or any other) in their own personal (non-jpmc related) portfolio except from a jpmc pre-approved list of designated brokers. Same applies to employee’s spouse, significant other or any person that employee is financially caring for.
Also, stocks cannot be sold for 30 days after purchase, even if stock owner witnesses stock in rapid loss decline.
Also, ALL personal stocks purchases and sales (even non-JPMC stock) must be pre-approved by JPMorgan Chase.
All of this forces employees to move their existing portfolios to an approved trading company so that jpmc can monitor all trading activity even that of non-jpmc stocks.
http://www.scribd.com/doc/152352971/JPMorgan-Chase-Stock-Portfolio-New-Rules-2013
By kicker, March 17, 2014 @ 6:43 pm
Chase is one of a kind . Manaagers teach financial advisors how to cheat the system to make more money. Managers / compliance are paid bonus on how much reps do, (fox guarding hen house ) those they pressure them to hurt clients. Then fire ones that don’t follow along…