Discover your dream Career
For Recruiters

J.P. Morgan shifts over 2,000 jobs from NYC to Jersey

J.P. Morgan employs a lot of tech staff. At the last count, our sources suggested around 30,000 people in this area - still around 25,000 less than Google, but a huge employee base for a company whose principal focus is finance.

But just because technology is a big focus for banks, doesn’t mean that they want to base their IT staffers out of major financial centers. We suggested previously that the J.P. Morgan’s decision to shift 350 tech jobs out of London to the lower cost destination of Bournemouth – a beachtown on the south coast of the UK – could mean a change in strategy that could hit the U.S.

So it has proved. J.P. Morgan is moving 2,150 roles from New York – where they are housed in a series of disparate offices – to a single location in New Jersey. This will have the double benefit of cutting costs and consolidating the offices.

Immediately, this is unlikely to affect the bank balances of J.P. Morgan employees. It offered its employees in London the same salaries to make the move to Bournemouth, so it could follow suit in the U.S. Longer term, however, the concept of ‘nearshoring’ – shifting jobs out to lower cost destinations close to home – is likely to mean downward pressure on pay.

Avoiding a Terrible Start (eFinancialCareers)

Thousands of new analysts will be joining investment banks across the globe this month. Here’s how they can avoid screwing up in the first few weeks.

Summer Looking (eFinancialCareers)

Getting a new job before the end of August is difficult, but not entirely impossible.

Goldman Sachs Shake-Up (Financial Times)

Karen Cook has been named chairman of its investment banking division. Her rise is exceptional not only because of her gender, but because of her background – her father was a car mechanic and she only went into banking after taking an MBA at Manchester University.

Tough Call (Bloomberg)

Hedge fund CFO loses $1.2m after handing over pin numbers to a fraudster claiming to be calling from his private bank Coutts. He was also fired by his employer.

@BSelevator (Bloomberg)

The famous @GSElevator Twitter account is nonsense, says former Goldmanite: “I used to work at Goldman. I never heard anything like this in the elevators. My colleagues were nice people.”

The Step Across (WSJ)

Royal Bank of Canada has named Doug Guzman head of its wealth management division. He was previously global head of investment banking.

Gone Swiss (WSJ)

UBS has poached a senior banker from Deutsche Bank in New York. Brad Miller joins as global head of equity capital markets syndicate.

A Bit Boring (Business Insider)

Investment banking intern says that the hours are tough, but the work isn’t very hard, or very exciting.

Quote of the day: 

“I wanted to do my job as perfectly as I could. It doesn’t matter if I was cleaning a deep fat fryer or picking chicken off the bone, those jobs were left to me because I’d do them the best possible,” Tom Hayes, the $12m trader at the center of the Libor scandal, on his first job at a fast-food restaurant.

AUTHORPaul Clarke

Sign up to our Newsletter!

Get advice to help you manage and drive your career.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Latest Jobs
State Street Corporation
Mission Control Analyst
State Street Corporation
Quincy, United States
Standard Chartered Bank
AML Investigator
Standard Chartered Bank
Newark, United States
Selby Jennings
Senior Software Engineer
Selby Jennings
Austin, United States
Selby Jennings
Senior Software Engineer | Hedge Fund
Selby Jennings
Miami, United States
Northern Trust
Junior Repo Trader
Northern Trust
Chicago, United States

Sign up to our Newsletter!

Get advice to help you manage and drive your career.