Commonly asked overtime pay law questions about JPMorgan Chase:
- What is JPMorgan Chase?
- Who Does JPMorgan Chase Employ?
- Where is JPMorgan Chase Located?
- JPMorgan Chase Overtime Pay Lawsuit News
- What are the Laws for JPMorgan Chase Employee Overtime Pay?
- Is a JPMorgan Chase Employee Entitled to Overtime Pay?
- Does JPMorgan Chase Have to Pay Overtime Wages to its Employees?
- Has JPMorgan Chase Been Involved in Overtime Pay Lawsuits?
- JPMorgan Chase Overtime Pay Lawyer Review
What is JPMorgan Chase?
JPMorgan Chase is an American multinational banking and financial services holding company. It is the largest bank in the United States, with total assets of $2.6 trillion.
The company was founded in 2000, when Chase Manhattan Corporation merged with J.P Morgan & Co.
Who Does JPMorgan Chase Employ?
As of 2017, JPMorgan Chase employs over 240,000 people worldwide. Our experienced overtime pay lawyers handle cases for all JPMorgan Chase employees, including the following:
- Bank tellers
- Financial analysts
- Loan officers
- Financial managers
- Branch managers
- Assistant branch managers
- Banking operations specialists
- Commercial banking officers
- Quality assurance coordinators
Where is JPMorgan Chase Located?
JPMorgan Chase’s global corporate headquarters is located in New York, New York. The company operates with branches and satellite offices in over 60 countries. Some of the U.S. locations include:
- Houston, Texas
- Chicago, Illinois
- Detroit, Michigan
- Columbus, Ohio
- Dallas, Texas
- Brooklyn, New York
- Tampa, Florida
- Wilmington, Delaware
JPMorgan Chase Overtime Pay Lawsuit News
NEW YORK — JPMorgan recently offered plaintiffs in a class action overtime pay lawsuit $5.7 million to resolve claims over allegations the company intentionally misclassified hundreds of analysts as overtime exempt workers.
NEW YORK CITY — A federal judge for the U.S. District Court for the Southern District of New York recently ruled a pair of class action unpaid overtime lawsuits against banking giant JPMorgan Chase shall be consolidated into one suit.
What are the Laws for JPMorgan Chase Employee Overtime Pay?
Under the Fair Labor Standard Act (FLSA), many JPMorgan Chase employees are considered non-exempt and therefore entitled to overtime pay.
If an employee is non-exempt under the FLSA, the law requires that they are paid overtime wages of one and one-half times their regular rate of pay for every hour past 40 in one week.
The FLSA has several exemptions, however, that would preclude employees from receiving overtime pay. These exemptions include employees with “adminstrative” or “professional” roles.
For example, JPMorgan Chase employees with advanced financial degrees may fall under the “professional” exemption.
It is important to note that exemption is not determined solely based on job title. Rather, job description, job duties, rate of pay, and hours worked are used to determine if an employee should receive overtime pay.
On top of the FLSA, some states have their own overtime pay laws. These laws may complement or contradict the FLSA, so it is important to consult an experienced attorney who is familiar with all the applicable overtime pay laws.
Is a JPMorgan Chase Employee Entitled to Overtime Pay?
JPMorgan Chase employees are often required to work long hours, as well as additional time before and after their scheduled shift. As a result, many JPMorgan Chase employees end up working more than 40 hours per week, and are therefore entitled to overtime pay.
Employees who are exempt under the FLSA are not entitled to overtime pay. Whether or not a JPMorgan Chase employee falls under the “administrative” or “professional” exemptions is determine based on job description, job duties, rate of pay, and number of hours worked.
Employers often deny or unlawfully refuse to pay overtime by misclassifying the positions of the workers, claiming that they are exempt when, in reality, they are not. For example, bank assistant branch managers may be misclassified as exempt by the company due to their title, when, in reality, their job duties reflect a non-exempt classification.
JPMorgan Chase may also require their employees to report to work early but not “punch the clock” until later or strike hours off of time cards, or they may refuse to pay employees for work done before the shift starts and after they punch out for the day. These are violations of the Fair Labor Standards Act (FLSA) and can give rise to an overtime pay lawsuit.
An experienced overtime pay attorney will be able to analyze your case in the context of the FLSA and your state’s laws to determine if you are due overtime wages from JPMorgan Chase.
Does JPMorgan Chase Have to Pay Overtime Wages to its Employees?
In many cases JPMorgan Chase is required to pay overtime wages to employees that work more than 40 hours in one week. This excludes employees who are considered exempt under the FLSA.
Exemption is not cut and dry; the FLSA is a complicated law and state laws can complicate the picture even further.
If you believe that JPMorgan Chase owes you overtime pay, it is best to consult an attorney who has experience with the FLSA and state overtime wage laws.
To determine whether you are eligible for filing a wage claim, contact our experienced JPMorgan Chase Overtime Pay Lawyers at (855) 754-2795 for a Free Consultation to discuss your case or complete the Free Unpaid Overtime Case Review Form on this page. We will discuss your situation and determine if you have a claim. If you are owed unpaid wages, we will represent you under our No Fee Promise, which means there are never any legal fees or costs unless you receive a settlement.
Has JPMorgan Chase Been Involved in Overtime Pay Lawsuits?
Over the past several years, current or former JPMorgan Chase employees have brought a number of lawsuits against the company in an effort to reclaim lost overtime wages. Here are a few examples of such lawsuits:
- Banking giant JPMorgan recently offered plaintiffs in a class action overtime pay lawsuit $5.7 million to resolve claims over allegations the company intentionally misclassified hundreds of analysts as overtime exempt workers. The claim, originally filed in 2011 in U.S. District Court for the Southern District of New York, accused JPMorgan of underpaying financial advisors by denying overtime, failing to reimburse for business expenses, and making improper deductions from paychecks.
- A lawsuit filed separately by two assistant branch managers against JPMorgan Chase alleges the plaintiffs were misclassified as overtime exempt employees because their actual day-to-day job duties did not comply with federal labor and wage laws outlining who can be put on salary. Plaintiffs claim they had no power to hire, fire, or discipline employees and spent most of their time performing the same roles as many subordinate workers like greeting customers and functioning as tellers.
- Commercial real estate appraisers with JPMorgan Chase & Co. filed a putative class action overtime pay lawsuit that claimed the financial giant misclassified commercial real estate appraisers as exempt from overtime under the Fair Labor Standards Act (FLSA) and California state laws.
- Employees of JPMorgan Chase Bank have reached a $12 million settlement agreement with the bank. The company’s bankers, sales specialists, tellers, and assistant branch manager trainees alleged the company was not paying proper wages nor were employees receiving overtime when they worked more than 40 hours a week. They claimed they were encouraged to work off the clock before and after their shifts and regularly worked overtime. Moreover, the plaintiffs claim they were discouraged from accurately recording their hours and managers would allegedly alter time records, presumably without consent.