JPMorgan Chase swings the ax at 19,000 jobs

[OhioChick]

Source: MSN

6 hours ago

JPMorgan Chase (JPM) expects to slash 19,000 jobs in its mortgage and community banking businesses. That makes Chief Executive Jamie Dimon the latest Wall Street honcho to announce cost-cutting measures as the economy continues its slow crawl out of the worst hole since the Great Depression.

As Bloomberg News and others have noted, Dimon said during the company's Investor Day on Tuesday that about 4,000 of these cuts will come this year. Overall, the layoffs would equal more than 7% of its staff of 295,000. According to Bloomberg, the banking giant will slash 13,000 to 15,000 mortgage jobs through 2014, and 3,000 to 4,000 jobs in community banking. Most will be eliminated through attrition. Ongoing hiring will offset the total over that time, with the net being around 4,000 fewer positions, according to a JPMorgan spokesperson.

Dimon is known to be maniacal about reducing costs, and it's easy to understand why he would target those businesses.

Earlier this year, the New York-based bank agreed to pay $753 million to a set up a fund to assist borrowers whose homes were wrongly foreclosed. The company also agreed to spend $1.2 billion on foreclosure prevention. Meanwhile, competition in mortgage businesses is intensifying as historically low interest rates are spurring a housing market rebound. JPMorgan also recently revamped the management of its consumer and community banking business as part of a wider corporate overhaul.


Read more: http://money.msn.com/now/post.aspx?post=c4346441-02a4-4ba7-a427-6b1af1ac7c3f

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Up from the 4,000 cuts reported earlier today.

http://money.msn.com/business-news/article.aspx?feed=OBR&date=20130226&id=16166226

JPMorgan Chase to cut up to 19,000 jobs by the end of 2014

http://www.globalpost.com/dispatch/news/regions/americas/united-states/130226/jpmorgan-chase-cut-19000-jobs-the-end-2014

JPMorgan Mortgage, Community Units to Lose Up to 19,000 Jobs

http://www.bloomberg.com/news/2013-02-26/jpmorgan-expects-headcount-to-fall-by-about-4-000-this-year-1-.html

[ChairmanAgnostic]

1. This would be great,

if they started at the top, and worked their way down.

[Fuddnik]

2. The Almighty Job Creators of Wall Street strike again!!!!

[DonCoquixote]

3. Hey Dimon

start with your job, as even your fellow wall street scumbags know you are to blame.

http://www.inquisitr.com/235977/jamie-dimon-i-was-dead-wrong-we-were-sloppy-stupid/

[OhioChick]

14. Amazing how Dimon was "dead wrong" "sloppy" and "stupid"

Yet, he still managed to receive a pay package of $23 Mil in salary and perks in 2011.

[KoKo]

4. Wow....I saw the earlier Bloomberg report about 4,000 jobs

This is interesting considering that "Housing is Coming Back" acording to DU post today.

I'm wondering if this is JPMorgan getting out of housing and leaving it to BAC...

Interesting...anyway...

[Yo_Mama]

8. The net is expected to be about 4000 jobs down.

Because they are hiring in some units even while they will be letting others run off.

[KoKo]

9. So what's your AVERAGE of the Real Job cuts that JPMorgan is doing.

What's the Real Number as opposed to the "SPIN?"

[Yo_Mama]

11. 4,000

They are planning to let 19,000 individual jobs go, mostly through attrition, and hire about 15K new workers.

That's what they are saying. I don't have any inside scoop on this, but that's why you get the different numbers. Both are right.

[KoKo]

12. thanks...that would make sense.. Put out the 4,000 then hire

in "other sector" (JPMorgan is so big they could "shift numers" if they had to and hire in other area of their banking...and so the 4,000 is the average?

;shrug:

[OKNancy]

5. can you link to another source please

msn requires a sign-up.

Thanks, Nancy ( LBN host)

[OhioChick]

6. I added several below the original article n/t

[OKNancy]

7. good job!

[KoKo]

10. Does this help?

http://money.msn.com/now/post.aspx?post=c4346441-02a4-4ba7-a427-6b1af1ac7c3f

JPMorgan Chase (JPM -0.21%) expects to slash 19,000 jobs in its mortgage and community banking businesses. That makes Chief Executive Jamie Dimon the latest Wall Street honcho to announce cost-cutting measures as the economy continues its slow crawl out of the worst hole since the Great Depression.


But that's the way things work in Washington. You can't expect the politicians who run for office to share their policy agenda with voters. After all, we might not like it. That's why they say things like they will fight for the middle class and make the rich pay their fair share. These ideas have lots of appeal among voters. Cutting Social Security doesn't."



As Bloomberg News and others have noted, Dimon said during the company's Investor Day on Tuesday that about 4,000 of these cuts will come this year. Overall, the layoffs would equal more than 7% of its staff of 295,000. According to Bloomberg, the banking giant will slash 13,000 to 15,000 mortgage jobs through 2014, and 3,000 to 4,000 jobs in community banking. Most will be eliminated through attrition. Ongoing hiring will offset the total over that time, with the net being around 4,000 fewer positions, according to a JPMorgan spokesperson.

Dimon is known to be maniacal about reducing costs, and it's easy to understand why he would target those businesses.

Earlier this year, the New York-based bank agreed to pay $753 million to a set up a fund to assist borrowers whose homes were wrongly foreclosed. The company also agreed to spend $1.2 billion on foreclosure prevention. Meanwhile, competition in mortgage businesses is intensifying as historically low interest rates are spurring a housing market rebound. JPMorgan also recently revamped the management of its consumer and community banking business as part of a wider corporate overhaul.

The bank's board slashed Dimon's 2012 pay by 50% in the wake of the London Whale trading scandal that cost $4 billion. However, he still earned a $10 million bonus, which probably took the sting out of getting his wrists slapped.

Shares of JPMorgan slid lower in early Tuesday trading by around 1%. The shares have surged almost 29% over the past year.

http://money.msn.com/now/post.aspx?post=c4346441-02a4-4ba7-a427-6b1af1ac7c3f


"But that's the way things work in Washington. You can't expect the politicians who run for office to share their policy agenda with voters. After all, we might not like it. That's why they say things like they will fight for the middle class and make the rich pay their fair share. These ideas have lots of appeal among voters. Cutting Social Security doesn't."

JPMorgan Chase (JPM -0.21%) expects to slash 19,000 jobs in its mortgage and community banking businesses. That makes Chief Executive Jamie Dimon the latest Wall Street honcho to announce cost-cutting measures as the economy continues its slow crawl out of the worst hole since the Great Depression.

As Bloomberg News and others have noted, Dimon said during the company's Investor Day on Tuesday that about 4,000 of these cuts will come this year. Overall, the layoffs would equal more than 7% of its staff of 295,000. According to Bloomberg, the banking giant will slash 13,000 to 15,000 mortgage jobs through 2014, and 3,000 to 4,000 jobs in community banking. Most will be eliminated through attrition. Ongoing hiring will offset the total over that time, with the net being around 4,000 fewer positions, according to a JPMorgan spokesperson.

Dimon is known to be maniacal about reducing costs, and it's easy to understand why he would target those businesses.

Earlier this year, the New York-based bank agreed to pay $753 million to a set up a fund to assist borrowers whose homes were wrongly foreclosed. The company also agreed to spend $1.2 billion on foreclosure prevention. Meanwhile, competition in mortgage businesses is intensifying as historically low interest rates are spurring a housing market rebound. JPMorgan also recently revamped the management of its consumer and community banking business as part of a wider corporate overhaul.

The bank's board slashed Dimon's 2012 pay by 50% in the wake of the London Whale trading scandal that cost $4 billion. However, he still earned a $10 million bonus, which probably took the sting out of getting his wrists slapped.

Shares of JPMorgan slid lower in early Tuesday trading by around 1%. The shares have surged almost 29% over the past year."

http://money.msn.com/now/post.aspx?post=c4346441-02a4-4ba7-a427-6b1af1ac7c3f

[davidwparker]

13. Move your money. n/t

[sakabatou]

15. They get more evil at every turn.

[KoKo]

16. Isn't that the damned truth of it... n/t