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My Advice? Chase What Matters...A Better Job!

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Career Opportunities
Former Employee - Credit Analyst  in  Tempe, AZ
Former Employee - Credit Analyst in Tempe, AZ

I worked at J.P. Morgan

Pros

The sole benefit to working here is simply for the prestige it adds to your resume.

Cons

Although there are opportunities for advancement, internal employees are nickel and dimed salary wise in comparison to what is paid for a new employee coming in off the street at the same position. Several employees have caught on to this and have resorted to leaving the company to work elsewhere for a few months, only to return to Chase at a more competitive salary and gain back their level of seniority. The meager internal pay structure pretty much guarantees that you will eventually have to leave the company in order to see any real income growth. Staying with this company long term and even being repeatedly promoted will not progressively boost your income or keep you at a competitive salary with regard to the market.

Getting promoted from within definitely does not lead to significant salary growth at this company. The first promtion I received resulted in a measly $1400 salary increase, while my second resulted in a mere $2600. I'm sure this varies depending on your line of business but I personally experienced this first hand working in two of them (Card and Retail) which leads me to believe this is likely how they operate across the board.

Once I began to seek outside employment I realized that I was underpaid by at least $5k in my current market and discovered that every single one of my colleagues could say the same.

The annual increases are another laughable aspect of working for this company. You aren't paid based on the quality of your work but predominately on what your CURRENT salary is. If you are on the high end of what they "THINK" you should be earning, they will grant you a 2% or less salary increase regardless of what your perfomance dictates, which could be 5% or more. My manager confessed this was the case with me during my last annual review and I was beyond disgusted! Also, depending on your line of business, you may just get your annual increase written on a post it with no explanation of how that figure was calculated or how it relates to your performance.

Laziness at it's finest here!

Also, Chase doesn't hesitate to slash jobs on a whim, while simultaneously spending billions in their power hungry quest to acquire other banks and while paying it's top executives tens of millions of dollars. The insatiably greedy execs here would much rather eliminate the job of the average joe and help to cripple the already desolate economy, than make even ONE personal sacrifice with regard to their own outlandishly excessive compensation.

Speaking of outlandish, the hiring process at Chase is absolutely abhorrent. Due to the fact that the main priority these days seems to be to simply "put asses in seats", I have had the displeasure of working with improperly vetted former FELONS and generally thoughtless, incompetent, inarticulate individuals during my six year career at Chase. The individuals hired to have the most contact with customers (Customer Service Reps, call center analysts, etc.) seem to be the least intelligent and the most inept at basic communication.

The logic at Chase seems to be that hiring in unskilled, inarticulate workers at a low salary takes more precedence over the satisfaction of a few customers because at the end of the day, Chase is large enough to have the luxury of not giving a damn! This company sees little value in paying a fair salary to smart, qualified workers who would represent the company well and generate fewer complaints. As a matter of fact, if the choice lies between operating that way or hiring dummies who will work for pennies they will ALWAYS opt to do the latter with little to no regard for how it affects their customers.

Oh and this is in addition to the many customer contact related positions they outsource to Mumbai and Manila, which is another cost cutting move that results in sub par customer service and numerous customer complaints.

Not only that, TECHNOLOGY AT THIS COMPANY IS A JOKE! The Card Services line of business never updates ANYTHING related to technology. Not ever. They are still working on WINDOWS 2000 for chrissakes! System issues are rampant, computers regularly malfunction, IE 6 is the only browser allowed and the debug errors are constant and exasperating, surge protectors are old as hell and only get replaced when they die, which causes PC burn out and crucial information to be hopelessly lost forever.

Lastly, if you are a maverick who is verbally expressive , thinks outside of the box, and dares to question authority or the effectiveness of internal policies, prepare to be an outcast here. Bowing down to management, being a silent, blindly cooperative "yes" person, and not making waves are the main quailties valued at this organization.

Advice to ManagementAdvice

Place more emphasis on hiring capable individuals at a fair salary rather than inept ones at a crap salary
Solicit more opinions from employees regarding their immediate manager
Grant meaningful salary increases to those who are promoted from within and have been loyal to the company for a number of years
Stop sending customer contact jobs overseas to people who are barely fluent in English
UPDATE THE TECHNOLOGY AND QUIT BEING SO CHEAP. Dimon makes $40 million dollars, what is the excuse here???????

Doesn't Recommend
Disapproves of CEO

3930 Other Employee Reviews for J.P. Morgan (View Most Recent)

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  1.  

    It's great working for JPMorgan

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Project Manager
    Current Employee - Project Manager

    I have been working at J.P. Morgan

    Pros

    It's the most stable financial company in the current economic environment. The firm promotes internal mobility. It's a great company.

    Cons

    I don't have much to say about this since I have been with the firm for only a few months.

    Advice to ManagementAdvice

    Keep up with the great work!

    Recommends
    Approves of CEO
  2.  

    A decent employer to work for.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Application Developer Analyst  in  Newark, DE
    Current Employee - Application Developer Analyst in Newark, DE

    I have been working at J.P. Morgan

    Pros

    Job security, while receiving adequate challange. Easy going atmosphere, yet cautious and competitive at times.

    Cons

    Paid is lower than relatively to other companies/industry.

    Advice to ManagementAdvice

    bureaucratic systems enhanced controls, yet often results in unecessary cost/time during project cycles and leads to inefficiency.

    Recommends
    Approves of CEO
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