- JPMorgan Chase has frozen hiring across most of the company to help curb coronavirus spread, people familiar with the matter told Bloomberg.
- Managers in the bank's corporate and investment banking unit, consumer unit, and asset and wealth management group have been asked to review job postings and pull listings for openings that aren't an immediate priority, the sources said.
- The company has delayed bringing new recruits into the bank until April 20, but it will pay new hires from their original start dates, Bloomberg reported.
Both the challenges of arranging in-person interviews and uncertainty surrounding the condition of the economy led to the hiring freeze, the sources said.
However, some segments, such as home lending — which has seen a spike in business because of low interest rates — are exempt from the restrictions, Bloomberg reported.
JPMorgan, the U.S.’s largest bank, has taken a leadership role in a number of aspects to the industry’s coronavirus response. It became the first systemically important U.S. bank Wednesday to temporarily close 20% of its branches. (Capital One said two days earlier that it would temporarily close 120 locations.)
JPMorgan also offered a $1,000 bonus to tellers and other employees making less than $60,000 a year who must continue working in company buildings. Bank of America announced its own bonus later Friday, and Citi, Wells Fargo and U.S. Bank followed suit Monday.