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.