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Originally Posted by Parzival718
Exactly what I had said a few months ago New York will eventually be exclusively bankers, traders, and executives. HR is another big division they are relocating, 300+ people got layoff notices between August-September mostly at 28 Liberty and Jersey City.
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Yes and no. Chase has been eliminating/consolidating big-time this year, but the previous article sounds like politicized nonsense.
Chase is closing/consolidating all over the country. They just cut hundreds of positions in Newark, DE (Wilmington). They're laying off hundreds in underwriting in Columbus. Also big layoffs in Plano, Milwaukee and Phoenix. Their tech count is going to massively downsized/offshored (thanks for that "corporate tax cut", Congress).
So they're reorganizing their business nationwide. The article paints a very different narrative; that Chase is moving employees from high cost to low cost locations, and that isn't happening (unless you count U.S. to India and Eastern Europe). They still have a lot of fat from all their acquisitions over the decades, and investors seem to like the cuts.