Chase Bank can trace its roots back to 1799 with the founding of the Bank of The Manhattan Company -that is until the bank merged with Chase National Bank in 1955.
Since the mid-1950s, Chase has merged and acquired assets from other companies like Washington Mutual and Bank One Corporation.
Chase Bank operates as a subsidiary of JPMorgan Chase. It is a huge retail financial service and holding company that provides both consumer & commercial banking and credit card services.
At the end of 2022, Chase Bank had more than 5,000 branches and approximately 17,000 ATMs across the country.
With assets exceeding $3 trillion in 2022, Chase grew to become the largest bank in the U.S., the banking institution with the most branches in the nation, and the only bank that had a professional presence in each of the 48 contiguous states.
Pros of Working at Chase
Chase, which is recognized as one of the U.S. Big Four Banks, operates in more than 100 countries and has more than 270,000 employees.
Its 2021 annual revenue exceeded $120 billion.
1. Working for a larger corporate employer, like Chase Bank, offers excellent job security.
No one can ever fully guarantee a job or professional capacity will last indefinitely – even for those who are self-employed.
However, when working for a well-established and financially stable company, the odds of your job being eliminated are likely significantly lower than working for a smaller firm or a new start-up.
This is because a company in its early growth stages requires operational changes, which may lead to changing professional roles or even the elimination of employees or teams of employees.
Chase has been recognized by the National Business Group on Health as among the best employers for healthy lifestyles.
2. Chase Bank offers its employers a diverse and comprehensive set of benefits.
Large employers often have the capacity to provide their employees with a more comprehensive benefits package than a smaller company.
The benefits from Chase are typically available to most U.S. employees who follow a regular work schedule (of at least 20 hours) and include healthcare, retirement savings, long-term disability, life insurance, tuition reimbursement, employee stock purchase options, wellness programs, paid time off, and family care, to name a few.
There is even an online discounted tutoring resource for parents.
3. Chase seeks to foster a diverse workplace where everyone’s voice is respected.
Chase Bank considers the concept of diversity among its core work issues with regard to employees, services, and products offered.
Employees are trained to be better prepared to negotiate the multicultural and modern business environment effectively.
Coursework includes Generational Diversity, The Business of Inclusion, and Cross-Cultural Awareness.
Chase follows a wide variety of strategic partnerships – with HSIs, HBCUs, Veteran’s Organizations & LGBT Groups, to reach diversity objectives in terms of internships, training options, and scholarship opportunities.
4. Chase Bank is an award-winning employer, making it a great workplace or career choice.
Several professional organizations and journalistic publications have honored Chase Bank’s efforts as an employer.
Who wouldn’t want to work for Chase, a company whose efforts are often identified as award-winning?
One of the top 50 best companies for Latinas and Diversity, according to Latina Style and Black Enterprise Magazine.
Among the best places to work in terms of disability and inclusion, according to the Disability Equality Index.
One of the nation’s top corporations, according to The Business Enterprise National Council.
One of the top 50 best companies for Latinas, according to Latina Style.
5. Chase has a corporate commitment to hiring veterans and their spouses.
Chase Bank recognizes that veterans, with their unique set of experiences, are often a great addition or asset to the bank’s workplace environment goals.
It is for this reason that they are proactively committed to hiring veterans as well as military spouses.
Certain Chase benefits are aligned with the needs of veterans and service members.
These include paid leave for the fulfillment of military obligations and reserve/guard training for those employees who qualify.
Additionally, there are 20 days of backup childcare for those parents who have been deployed.
In 2019, the Military Times recognized Chase Bank as among the best employers for veterans.
6. Chase Bank offers its employees discounts on its banking services and stock purchase plans.
Employees enjoy waiving certain fees for checking accounts and other bank services.
This could amount to significant savings, especially if the employee takes advantage of the discounts applied to lending options like mortgages or car loans.
The bank’s stock purchase plan is an innovative and effective way to accumulate assets and save towards retirement.
7. The Wellness Programs offered by Chase Bank demonstrate its commitment to its employees.
Chase offers its employees access to a team of Wellness professionals that may include guidance, counseling, assessments, screenings, and health coaching options.
Chase maintains more than two dozen health centers for its U.S.-based employees and even employs onsite mental health professionals as well as clinicians to its employees.
Chase’s Wellness Program programs include biometrics, smoking cessation, weight management, nutritional counseling, and mental health support.
Cons of Working at Chase
1. Career pathways when working for a large company like Chase may be a bit limited.
Large corporations offer security, but your responsibilities and talents may be pigeonholed, limiting future career options.
Chase Bank’s corporate structure is clearly defined, with its various delineated profit centers like lending or credit card services.
So, while moving within departments horizontally may be possible, moving laterally may be more challenging.
2. Chase and other financial corporations are hypercompetitive and often excessively micromanaged.
The size and nature of consumer and commercial financial services make them highly competitive businesses.
Large corporations sometimes respond by micromanaging their employees, mistakenly believing that this additional control will solve the problem.
The result of micromanagement includes a) reduced employee morale, creativity, & motivation, and an increase in each employee’s self-doubt and feelings of powerlessness.
Ultimately, micromanagement can lead to high turnover rates, creating a challenging work environment at times.
3. Saturdays have become bankers’ hours for Chase employees.
The modern banking world has changed over the decades.
Years ago, the phrase Bankers Hours was a reference to someone employed by a bank who worked from 10 AM to 3 PM – the reference was an implication that the job was cushy and easy.
This, however, is no longer the case as most branch locations are open six days (some even seven days) per week.
Online banking is offered 24 hours a day, so bank employees must keep the systems up and running every day, which requires a round-the-clock workforce.
4. Like many big banks, Chase tends to be a bit too bureaucratic for some employees.
Even with efforts to avoid bureaucracy, a financial institution’s large and complex architecture tends to create inflexible operating regulations because the rules are set forth to cover a huge number of employees.
5. Working directly can be challenging.
Serving the public on a day-to-day basis can be rewarding but potentially equally challenging and stressful.
This is because, for many customers, money issues can be a sensitive topic.
So, depending on your position at Chase Bank, you may be responsible for interacting with customers in-person, online, or on the telephone.
The banking world is competitive.
However, with the modernization of the banking/business worlds, new banks and financial upstarts can enter the digital marketplace/banking industry more easily than ever.
These new banking players create a more competitive marketplace – with more financial institutions vying for the same consumer business.
To stay profitable, large banks like Chase need to meet sales projections.
7. Working with numbers all day is not a great fit for everyone.
Working in the field of banking requires the ability to focus on money-related, customer-oriented tasks.
So, if you are wondering if a banking career would be a good fit, consider how comfortable you are working with numbers, financial transactions, and handling cash in some instances.
Individuals who are more creative may find these job characteristics to be too restrictive.
14 Pros and Cons of Working for Chase – Summary Table
|Pros of Working at Chase||Cons of Working at Chase|
|1. Working for a larger corporate employer, like Chase Bank, offers excellent job security.||1. Career pathways when working for a large company like Chase may be a bit limited.|
|2. Chase Bank offers its employers a diverse and comprehensive set of benefits.||2. Chase and other financial corporations are hypercompetitive and often excessively micromanaged.|
|3. Chase seeks to foster a diverse workplace where everyone's voice is respected.||3. Saturdays have become bankers’ hours for Chase employees.|
|4. Chase Bank is an award-winning employer, making it a great workplace or career choice.||4. Like many big banks, Chase tends to be a bit too bureaucratic for some employees.|
|5. Chase has a corporate commitment to hiring veterans and their spouses.||5. Working directly can be challenging.|
|6. Chase Bank offers its employees discounts on its banking services and stock purchase plans.||6. Chase Bank and most financial institutions operate to meet defined metrics, which means the bank sets sales quotas related to certain banking positions.|
|7. The Wellness Programs offered by Chase Bank demonstrate its commitment to its employees.||7. Working with numbers all day is not a great fit for everyone.|
Should You Work for Chase?
Securing a Chase job offers you the opportunity to receive great training as well as comprehensive benefits while providing a competitive wage.
Remember that banking is not exactly the most glamorous career, but a job or chosen career in banking or finance usually offers a solid and stable career path.
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