Monday, May 30, 2005

JPMorganChase is Outsourcing and Kicking out "Senior Temps"

For more nausea, please read what dear darling JPMorganChase is up to...they are also outsourcing their production work to Mumbai INDIA. This outsourcing is just killing us. The Investment Banks and Consulting Firms ARE IN HORRIBLE SHAPE. Enclosed is the URL and the posts.
Kick out the temps
Tempcity (tm) Temp Agency NYC New York City Temp Agencies: Major Clients and Employers in NYC: Investment Banking: JP Morgan Chase: Kick out the temps
By Anonymous on Sunday, February 6, 2005 - 2:40 am: Edit Post
JP Morgan has recently instituted a policy that after a temp has worked in the presentation center for 1500 hours they must be laid off. They can come back after 12 weeks. This follows the recent merger with BankOne. The New York Presentation and Production Services department (277 Park Ave) has about two hundred workers (full, and part-time), about 75% temps. Tiger is by far the biggest agency, and actually has an employee stationed in the bank. One of the managers of the center is a former Tiger on-site employee. Also JPM added an extra hour (unpaid!) to the perms day, meaning they're there for nine hours now instead of eight. This is hands-down the worst-managed center in my 20 years experience temping in investment banks and law firms. Morale is really bad, and is getting worse by the day. I wonder if JPM is telling new temps about the mandatory lay-off policy? There is a steady stream of applicants coming in for interviews, so if you're thinking of working as a temp presentation operator at JPMorgan...beware.

By Anonymous on Monday, May 9, 2005 - 12:38 am: Edit Post
An update from an ex-temp in the presentation/production center at jpm. It's now May and most of the senior temps are gone. They actually hired a few people since they couldn't run the place with the few perms that are left. They've implemented "Mumbai" which is sending edit jobs to India and when I look around, there are maybe 7 or 8 people in a room of maybe 35 work stations. Most of them are there to take in the jobs and send on to India... This department is turning into a ghost town...

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