There are newer employer reviews for J.P. Morgan

Chase is a good place to work

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Career Opportunities
Former Employee - Marketing Senior Manager in Wilmington, DE
Former Employee - Marketing Senior Manager in Wilmington, DE

I worked at J.P. Morgan

Pros

Chase hires very talented and dedicated people. There is a high level strategic and innovative thinking. This is balanced by operational teams focused on executing projects. The managers care about their direct reports and it is relatively easy to develop friendships with other employees. Most senior managers a willing to mentor junior employees and there several employee support groups.

Cons

Chase is a large company and at times it is very bureaucratic. It's focus for the past few years has been on efficiency and reducing costs. As a result, the processes to prioritize initiatives. It is difficult to prototype or pilot concepts because manual processes are view unfavorably and IT systems are designed to handle the smallest of corner use cases.

Advice to ManagementAdvice

Prioritize the most important issues and accept the fact that experiences and processes need to eveolve over time, rather than try to launch new initiatives perfectly.

Recommends
Approves of CEO
reviews filtered by
  • Any Location
  • Any Job Title
  1. 4 people found this helpful

    How to make JPMorgan a better company

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Vice President in New York, NY
    Current Employee - Vice President in New York, NY

    I have been working at J.P. Morgan

    Pros

    Great company. Jamie Dimon is outstanding.

    Cons

    Technology should be much better for a market leading company. Many internal processes (and systems) and straight out of the 80's. We have thousands of people punching keyboards all day on tasks that should be automated.

    Some policies are just wrong - See below.

    Waste, waste, waste - See below.

    Advice to ManagementAdvice

    I’d like to start by saying that I’ve been with the company for many years and am a very loyal employee who genuinely cares about the firm. It is a great organization and I believe we have the best CEO on the street. I’m using this forum in the hope that senior JPMorgan colleagues read it and maybe take note of some of the points. I would not be able to do this via an internal route as it could be seen as bad for my career, even though they are all points aimed at helping the firm.

    People:

    Hiring – We often hire people from outside the firm and bring them in on higher salaries and grades than people who are currently doing the same job who have been with the company over many years. If you work with someone for several years then you know their strengths etc, but hiring someone based on a one hour interview is a big risk. Very often the people who have given their heart and soul to JPMorgan and who are very good at their job are left demotivated and disillusioned. I’ve seen many colleagues leave the firm or department in these situations. The new hire has not always performed well. The importance of years of systems knowledge, experience in a role, internal networking, dedication etc. is often underestimated.

    Quality of staff – JPMorgan has some really great people, however we also have many poor performers. When someone is bad at their job and we want to replace them, it is nearly impossible to do this. Instead of seeking the very best people, we end up with departments full of people who are just not that good, and they will be there for years. This causes so much damage to the firm.

    Promotions – JPMorgan has a policy of only promoting people once per year. So, if your job changes in February and you have much more responsibility etc, you will not receive your grade change until January next year. However, an external person can be hired at any grade at any time. Again, this demotivates people who have been loyal and worked hard for the company.

    Grading consistency – Ok, this is one that I really have trouble getting my head around. You have two people doing exactly the same job, same number of years with the company, same performance level, responsibility etc, but they work in two different JPMorgan offices. One person could be a Vice President and the other could be a senior clerk. This inconsistency again causes employees to be disillusioned (if you are the clerk) and makes no sense.

    Expenses:

    Energy – We promote ourselves as a green company and are spending millions of dollars upgrading buildings and telling the media that we care about the environment etc. What I have never understood, and have tried to raise many times over the years is that in all the JPMorgan offices I have seen, we burn lights overnight and at weekends when the offices are empty, and many colleagues leave their PC’s on standby mode when not in use. We could dramatically cut our energy use and costs with minimal effort, but I have never seen any focus placed on this.

    Employment agencies – The economy is in a bad state, millions are out of work, people are desperate for a job, yet we use the most expensive way there is to find people to hire – agencies. In NYC, we pay 30% of someone’s annual salary as a finder’s fee. This must cost us millions of dollars each year. An agency is no guarantee of getting the best person either. On many occasions, we have been disappointed, and the person has left or we have asked them to leave. There must be less expensive ways to find people.

    Overtime – You have two clerks working in the same team doing the same job. One is very quick, efficient, performs to a high standard etc. The other makes constant mistakes, is always taking coffee / cigarette breaks, works slowly etc. Guess which one gets paid more? That’s right – the poor performer. This is due to the overtime system, which rewards people for being in the office longer than their required hours. This is extremely abused within JPMorgan and costs the bank tens of millions of dollars a year. People know that they can sit at their desk over lunch, come in early or stay late and can greatly increase their earnings this way. In my mind this is theft, pure and simple. I’d like to see management stop paying overtime in locations where it is not required by law, and effectively manage it in other locations.

    Travel and entertainment – I’ve saved the best ‘til last. This is my number one area of abuse and excessive spending at JPMorgan. Rather than talk through the issues, I have outlined some real life examples:

    1 – A colleague travels often around the US to visit clients. The firm has a $65 allowance for meals when you travel on business. My colleague will go to an expensive restaurant on his own every evening he is away and spend the entire $65. If the allowance was $100, then he would make sure he spent the whole $100. Now, I’ve never been anywhere in the US where you can’t get a decent meal for less than $20. Why are we letting employees waste money like this?

    2 – Two colleagues live very close to each other just outside of NY. They are traveling together to a meeting with a client in another city. They will take the same flights there and back. Their schedules are identical. You would think that to spend a little less of the firm’s money they would share a ride to and from the airport, but no, they decide to book a limo each. The round trip is approx $200 per limo ($400 in total). So, JPMorgan was charged an extra $200 because two colleagues didn’t think to share a car for the same journey and had no incentive to do this.

    3 – We have an approved list of hotels that we are told to use. They are usually the most expensive hotels in any town. For example, in Dallas, we use the Marriott, which is ½ mile from the office and costs over $200 per night. There is a good hotel over the road from our office which is $50 per night. Even though it is closer to work, cheaper etc, we are not permitted to use it.

    4 – I visited a client in another city a few months ago. One of my colleagues who lives on the other side of the country said he wanted to come with me. I was surprised that he asked this, as he didn’t really know the client, and had limited interaction on their account. He came along and when we were walking to the client’s office I asked why he wanted to join me. His answer was “Air miles”. So, he had just spent over $1000 of the company’s money so he could save a little when he took his family on vacation. I know that this is a widespread abuse. If JPMorgan banned employees from collecting air miles on business trips, we would see flight requests drop like a rock. The cost savings from these unnecessary trips would be enormous.

    5 – Business class is considerably more expensive than economy, but our people only use business class for trans-Atlantic flights. I’ve traveled that route many times in economy (even on a business trip), and see no reason to pay an extra $1,000 or more to sit it a bigger seat for 7 hours. I’d like to see an incentive for making our people use economy. This would save millions of dollars each year.

    6 - Each department is given a travel budget. Managers are told they have to use it up or they will get marked down in their review for not predicting budgets accurately. This results in managers rushing to spend any remaining monies close to year end on unnecessary trips. I've seen tens of thousands of dollars wasted this way just for one department. Shouldn't we be rewarding managers for coming in under budget, not punishing them?

    Recommends
    Approves of CEO
  2. Worst employer on Wall Street: A slave-driving, military-like operation.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Vice President in New York, NY
    Former Employee - Vice President in New York, NY

    I worked at J.P. Morgan

    Pros

    If you have get a salary to pay the rent. You might as well work for this giant.

    Cons

    They treat employees as slaves. They promote young and aggressive jerks as managers and slave-drivers. Their employee relationship philosophy is, as Jamie Dimon puts it: "Kick ass!"

    Advice to ManagementAdvice

    Treat employees as humans, not machines.

    Doesn't Recommend
    Disapproves of CEO
There are newer employer reviews for J.P. Morgan

Work at J.P. Morgan? Share Your Experiences

J.P. Morgan

 
Click to Rate
or

Your response will be removed from the review – this cannot be undone.