JPMorgan Institutes Hiring Freeze Over COVID-19 Crisis

JPMorgan Chase & Co has announced it will be instituting a hiring freeze throughout most of the company to help stop the spread of the coronavirus, according to a report by Bloomberg.

Some operations, like home lending, a space that has seen increased activity because of low interest rates, won’t be subject to the hiring freeze, but the bank has asked its managers in the consumer and investment bank units, as well as the wealth-management and asset-management departments, to review job postings.

The bank is asking that job postings that don’t need to be filled urgently be pulled. The restrictions are largely based on uncertainty about what’s going to happen globally in the next few weeks, as well as the difficulty of arranging interviews with potential candidates in person.

JPMorgan is the biggest bank in America, and it’s not going to bring in its new hires until April 20, but it will pay them from their original start dates.

Coronavirus has ravaged the globe, forcing the closing of countries around it and putting a stop to everyday life. More than 15,000 people around the world are dead because of the coronavirus.

The bank said it was going to close around 1,000 branches around the country, which is about 20 percent of its total branches. The ones that remain open are operating with reduced hours.

JPMorgan has been one of the banks most visibly affected by the COVID-19 outbreak, but it has also been trying to aid those in need.

Last week, the bank said it was going to donate $50 million to different organizations and groups that were affected by the COVID-19 outbreak and help to bring them support and supplies. The company said it will donate the first $15 million to groups on the front lines of the coronavirus, and then another $5 million to groups that deal with community development, for the disbursement of loans.