A JPMorgan Chase banker, with 15 years of experience and earning a total compensation of approximately $400,000 per year, expressed anger about the company’s policy that requires specific employees to provide a six-month notice before leaving for another job.
The banker believes that the lengthy notice period could result in losing a high-paying job offer from another company.
The banker shared their frustration on Blind, a social media platform that offers anonymity to professionals so they can post without fear of retaliation from their employers. The post was made in the e-trade division.
A spokesperson for JPMorgan Chase told The Post: “In line with other e-trading organizations, some of our algo trading technology employees have an extended notice period. This affects a very small portion – less than 100 – of our 57,000 technologists.”
According to a knowledgeable source, JPMorgan Chase implemented the policy of demanding extended notice periods because of a staffing shortage when shorter notice periods were in place.
The source also explained that shorter notice periods led to a more extended lead time for new employees to commence, which posed difficulties in terms of talent management. As a result, the bank has become known for its extended notice period policy for employees leaving the company.
Workers at its India corporate offices said last year that the Wall Street giant was raising its notice period from 30 days for vice president and below to 60 days, according to eFinancialCareer.com.
Meanwhile, bankers at the executive director level saw their notice period bumped up to 90 days.