If you were expecting to start a new job at JPMorgan in March or April, you'll need to wait. The bank is delaying new arrivals in its corporate and investment bank (CIB) and across the firm for a month because of the coronavirus.
JPMorgan is understood to have sent an email today explaining the policy to new recruits. All those affected will be paid from their original start date.
Insiders said the policy reflects the difficulty of onboarding staff at a time when most people at working from home. It's not clear whether other banks are doing the same - last week Morgan Stanley, for example, was understood to be onboarding new joiners remotely using video conferencing facilities.
Recruiters say banks were busy hiring and interviewing staff until the start of this month, meaning that job offers already went out to many of those due to arrive. Although hiring in London and New York has slowed now, some interviewing is still taking place through video channels.
Figures from Thinknum Alternative Data show that JPMorgan cut the number of U.K. and U.S. jobs it advertised on the average day in March by around 20% in the U.K. and around 5% in the U.S. (when daily averages are compared for March 2019 versus the two weeks to March 14th 2020).
The delay to new hires comes after JPMorgan already cancelled this year's spring internships for first year university students, as per a report in Financial News.
JPMorgan declined to comment.
Have a confidential story, tip, or comment you’d like to share? Contact: email@example.com in the first instance. Whatsapp/Signal/Telegram also available. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)
Photo by Suganth on Unsplash