JP Morgan Unethical Sales Practices, Compliance Problems, "painting" of U4's, pushing managed accounts, etc.

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Comments (6)

Dudley do right in Surprise, Arizona

15 months ago

I am doing research. I am looking for former IM's, SIM's, RIM's or former Advisors for JP Morgan Chase. I am trying to confirm a nationwide policy of "painting" or "dirtying" U4 licenses with false or misleading information. I am also trying to confirm the "non spoken" policy of management having advisors pushing bank managed investment accounts, mutual funds, or private bank managed accounts.

I know it has been addressed in the following articles as well as many, many others.

dealbook.nytimes.com/2013/03/02/selling-the-home-brand-a-look-inside-an-elite-jpmorgan-unit-2/

dealbook.nytimes.com/2012/07/02/ex-brokers-say-jpmorgan-favored-selling-banks-own-funds-over-others/

www.forbes.com/sites/edwardsiedle/2012/07/09/jamie-dimons-next-jp-morgan-nightmare/

Please post your comments. I have heard from others across the nation already. Literally, from NY to CA. Were you placed on suspension then terminated. Then they write up your U4 with false or misleading information? We you terminated for not pushing JPM branded investments or selling JPM funds to buy better performing funds? What's your story? I can promise you this, you are not alone! Let's see what comes out.....

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Jay Fine in Chicago, Illinois

15 months ago

This article tugs at my heart. I worked in the Broker Service Center for Finanical Advisors and clients to call in with questions, and one of our best call takers was fired last year for "failing to authenticate a client". When the employee tried to listen to the recorded call, he was told that it was erased because it happened over 2 MONTHS prior to termination. Before this, they suspended him for "general employee complaints", and wouldn't specify a specific call that this related to. Basically, Chase has no proof that this occurance ever took place, but they still terminated him. Afterward, they gave him an incredably difficult time receiving unemployment. Only after multiple appeals did he finally receive his unemployment. Around 2 months later, he starts securing job interviews, only to find out that "failing to authenticate a client" is the termination reason listed on his U-4. Now, my poor co-worker can't get a job anywhere in the financial industry because this keeps coming back to haunt him. At the same time, Chase is doing the old song and dance with requesting back-pay for payroll ovepayment. If he doesn't submit, his credit score is at risk. What a bunch of malarcky. Now, the entire department is scared that they may be the next to be terminated. What an awful place. I can't wait to work at a company that values my expertise and my hard work, instead of call quotas and "managers pets". The only people I feel more sorry for are the clueless, untrained Finanical Advisors that we are supposed to be "helping" by rushing calls so that we are at 3.5 minutes a call.

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Dudley in Montebello, California

15 months ago

Thank you for your comment.

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Dudley in Montebello, California

15 months ago

Thank you for taking the time to comment. Regards, Dudley

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former employeein RB / San Diego in La Mesa, California

11 months ago

This is exactly the way they intimidate people....one month they had a recognition celebration for Military personnel who worked at our location. My colleague was formerly active duty and then a reservist while he worked for Chase. 1 week after the recognition celebration that he participated in - he was fired - for what I call "trumped up charges" - but no one can fight them, its and at will state, they don't have to have a reason to fire you and who can afford an attorney to research and divulge all the wrong doing?

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Maximus Aurelius in New York City, New York

11 months ago

There are many fighting for the common good. Keep your ear to the ground, you will likely hear about it soon. They are fighting to make the unethical behavior front and center. That's being done as we speak. Keep the faith that right will be served, if not, it's going public in a very big way! That's a promise, trust me.

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