http://www.delawareonline.com/newsjournal/business/2004/07/22jpmorganplansmo.htmlJ.P. Morgan Chase & Co. said Wednesday it plans to cut an additional 2,000 jobs in the United States but will not cut more jobs in Delaware than previously announced.
Following J.P. Morgan's merger with Bank One Corp., the company said it would eliminate 600 jobs in Delaware, where its credit card operations are based. Those cuts are expected to take place over the next six months. The announcement Wednesday does not change the outlook for Delaware, spokeswoman Juliette Ballak said.
J.P. Morgan Chase also reported a second-quarter loss Wednesday, largely because of a $2.3 billion litigation-related charge. Excluding one-time charges, profit was above Wall Street analysts' expectations.
Dina Dublon, J.P. Morgan Chase's chief financial officer, said in a conference call that the company is increasing to 12,000 from 10,000 the total number of jobs expected to be eliminated in connection with the merger. J.P. Morgan Chase, a diversified financial giant with more than $1 trillion in assets and about 140,000 U.S. employees, also upped its target for merger-related savings from $2.2 billion to $3 billion, with the cost cuts expected to be phased in over three years.
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and then, if that wasn't enough:
http://www.mysanantonio.com/business/stories/MYSA072204.1A.washingtonmutual.11f70644.htmlLayoffs coming for Washington MutualWashington Mutual, a Seattle-based financial services company, on Wednesday announced it is shutting down its San Antonio mortgage lending operations.
Most of the 660 people working in the Washington Mutual building on U.S. 281 will lose their positions by the end of the year, company spokesman Adrian Rodriguez said.
Some of those jobs will be moved to similar operation centers in Milwaukee, Wis., or Jacksonville, Fla. A dozen information technology positions will remain intact and will be moved to another San Antonio location.
"We are trying to streamline all of our back office operations in an effort to increase our efficiency," Rodriguez said. "We have a higher concentration of these jobs in Jacksonville and Milwaukee."
He said the company has been consolidating operations since the beginning of the year. Consolidation generally has two primary goals: increasing profitability by cutting costs and increasing worker productivity by eliminating duplicated positions.
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I guess ole' Meanspin really whipped corporate amerika into a hiring and spending frenzy yesterday!