J.P. Morgan

  www.jpmorganchase.com
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4 people found this helpful  

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

Credit Analyst (Former Employee) Tempe, AZ

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

ConsAlthough 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 Senior ManagementPlace 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???????

No, I would not recommend this company to a friend

    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • No Opinion of CEO

    2 people found this helpful  

    Great place to work - for the next 60 days

    Anonymous Employee (Current Employee) Seattle, WA

    I have been working at J.P. Morgan

    Pros: Hmmm....not sure what the best reasons to work for JPMC are - as they recently gobbled up my bank, Washington Mutual, and then laid me… Cons: I can't really say anything bad, other than the fact… Advice to Senior Management: Take some time to figure out what you've purchased before dismantling acquired companies and pooping thousands into the unemployment line...three or four thousand jobs will… No, I would not recommend this company to a friend More

    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities

    1 person found this helpful  

    Not for those that don't like change or "being in the know."

    Not Relevant (Current Employee) Fairfax, VA

    I have been working at J.P. Morgan

    Pros: Great work life balance, coworkers (peers) are great, some solid and hard-working people are here in the trenches. The health and welfare benefits are… Cons: Communication is horrible and important issues are buried or glossed over. Management is slow to make decisions and is not very good at following… Advice to Senior Management: Refocus on your workforce and the current culture - you have a company that is running scared and you are losing a lot of excellent… No, I would not recommend this company to a friend More

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