12,000 jobs to be cut in Bank One merger

[fearnobush]

12,000 jobs to be cut in Bank One merger

Associated Press
Published July 21, 2004, 2:32 PM CDT

J.P. Morgan Chase & Co. expects to save $3 billion in its merger with Bank One Corp., up from the earlier estimate of $2.2 billion.

But chief financial officer Dina Dublon told a news conference that some 12,000 jobs were expected to be eliminated, up from the original projection of 10,000.

J.P. Morgan Chase today reported a loss of $548 million for the second quarter. The figure reflects not only a $60 million charge in the Bank One merger, but also an increase in reserves to cover an expected $2.3 billion cost of litigation stemming from the Enron Corp. and WorldCom Inc. bankruptcies.

The New York-based bank, the nation's second largest, said that the results for the April-June period, which translate to a loss of 27 cents a share, compared with earnings of $1.83 billion, or 89 cents a share, a year earlier.

more

<http://www.chicagotribune.com/business/chi-040721bankone,1,3280129.story?coll=chi-business-hed>

[truthisfreedom]

1. 2.3 billion cost of ligigation stemming from the Enron and WorldCom

bankruptcies? okay, is this money they expect to spend on lawyers? penalties? both? why not just settle out of court and give the money to the victims?

[fearnobush]

2. I know, it sick and disgusting. Only Proves the GOP hates workers,

hates honesty and Hates America!

"2.3 billion cost of litigation stemming from the Enron Corp. and WorldCom Inc. bankruptcies."

[schultzee]

3. But Greenspan says lack of skills is causing low wages..the jobs

are leaving and they don't keep track of it weekly or even monthly anymore. Soon we will be like Mexico, with 2 classes: rich and poor.

[PeaceProgProsp]

4. Too bad those employees can't leave to form their own corp

and compete with the monopolies left behind.