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Another 6,000 redundancies at JPMorgan?

It looks as though we may have omitted a rather significant story from today’s Lunchtime Links. Buried in the people section of the Financial Times is a little thing referencing an ominous comment made by Jamie Dimon during yesterday’s conference call.

In future, Dimon apparently said JPMorgan’s investment bank will look as though Bear Stearns and its 6,000 employees never came to stay at all. Coincidentally, Jamie also indicated that he intends to axe another 6,000 jobs later this year.

Meanwhile, things at Citi and BofA/Merrill are even worse than expected. Citi has made an $8.3bn loss and Merrill racked up $15.3bn of losses in the fourth quarter. Fortunately it’s nearly the weekend.

Comments (6)

  1. Thank God for the weekend.

    $15.3bn!!! In a quarter.

  2. I bet that Dimon takes a big bonus this year. (same for CEOs at other IBs). He can say to shareholders that he cut cost aggressively during this recession and got out of troublesome businesses, improved profit margin etc etc etc. Then when it comes to the end of 2009 he takes a big fat bonus because he will cite all these savings he made.

  3. hmmm.. only few banks left to cut more…. All, please applaud my 8 months wait to get back to industry!!!

  4. the tube is still crowded- why is that?
    People that took cars are now taking the tube?

    tube enthusiast Reply
  5. Hmm, I was thinking the exact same thing, if the headlines/daily news were to be believed London would be a ghost town by now. Maybe they know something that I don’t…haha.

  6. The headlines maybe sensational just to attract more viewers / readers but financial giants are like big oil tankers, it takes a while for them to change course. Expect more timely, orderly redundancies through 2009 with insititutions becoming perhaps half the size of what they were during the boom years.

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