JP Morgan To Lay Off 17,000 Mortgage Bankers In 2013 And 2014, Because The "Housing Recovery"

Zero Hedge ^ | 02/25/2014 | Tyler Durden

[SeekAndFind]

The last time JPMorgan had an investor day, Jamie Dimon explained to Mike Mayo why he is richer than him (and pretty much anyone else). This year, Jamie will be more focused on explaining to 8,000 JPM workers why after firing 16,500 people in consumer and mortgage banking, the bank will now let go another 2K and 6K in those same two groups (which will bring total mortgage and consumer banking headcount reductions between 2013 and 2014 to at least 17K and 7.5K, respectively). This may be tricky especially in the context of, you know, the housing and economic recovery, and stuff.

Source:  JPMorgan

[SeekAndFind]

And more layoffs here:

IBM Employees Fear Company Will Begin Up To 13,000 Layoffs Tomorrow

http://www.businessinsider.com.au/ibm-layoffs-expected-2014-2

and here:

U.S. Steel announces layoffs

http://chronicle.northcoastnow.com/2014/02/25/u-s-steel-announces-layoffs/

and here:

Barclays Cuts Up to 12,000 Jobs as Quarterly Profit Falls, Pays Bigger Bonuses

http://uk.reuters.com/article/2014/02/11/uk-barclays-earnings-idUKBREA1A08O20140211

[VAFreedom]

i wonder if this is related to the 3 top jp morgan bankers that kill themselves... two of them jump off the hq, (one in hong kong, one in london)

[SeekAndFind]

People have been wondering themselves.

See here:

What’s up with the recent rash of banker suicides?

http://theweek.com/article/index/256560/whats-up-with-the-recent-rash-of-banker-suicides

and here:

Why Wall Street Bankers Commit Suicide

http://www.businessinsider.com/why-wall-street-bankers-committ-suicide-2014-2

[shelterguy]

This must be why hussein calls this the “year of Action”.

[proxy_user]

Headcount reductions do not necessarily indicate layoffs. You can let contractors go - sorry, we are not renewing your contract. You can reassign employees to areas that need people. Or you can just not fill vacancies as they occur, or declare that you will not be filling vacancies that have already happened.

[montanajoe]

Actually everybody that could refinance did...

[SeekAndFind]

RE: You can reassign employees to areas that need people.

I don’t think these are considered or counted as layoffs. I’ve been reassigned several times to other areas of our business, I still have a job.

[SeekAndFind]

RE: This must be why hussein calls this the “year of Action”.

I think to Hussein, this is good news. They are now free of “job lock”... free to pursue their passions like write poetry or paint.

[DJ MacWoW]

“I’m in this race not just to hold an office,
but to gather with you to transform a nation.”
- February 10, 2007

Click The Pic To Donate

Support FR, Donate Monthly If You Can

[staytrue]

My guess is that as the WAMU (washington mutual) portfolio is wound down, these people are getting fired.

In 2009, WAMU was about to go belly up and bring the financial house down and fdic “asked” JPM to acquire it.

[Red in Blue PA]

But the government says we are in recovery.

What is one to believe? The govt or their own lying eyes?

[SeekAndFind]

RE: My guess is that as the WAMU (washington mutual) portfolio is wound down, these people are getting fired.

What about Bear Sterns, New York based global investment bank and securities trading and brokerage firm?

JP Morgan acquired them for r $10 per share, a price far below its pre-crisis 52-week high of $133.20 per share.

[SeekAndFind]

RE: But the government says we are in recovery.

The stock markets are up aren’t they?

[Kartographer]

Ridding themselves of ‘deadbeats’ and dead wood its about time. Sadly I need to add sarc/ tag

[PieterCasparzen]

There’s no such thing as new world order.

This is all a coincidence. /sarc

[Theoria]

'In 2009, WAMU was about to go belly up and bring the financial house down and fdic “asked” JPM to acquire it.'

That was in 2008. It is hard to keep up with the bailouts.

[nascarnation]

Rates are up about a point from the bottom.
Re-fis are dead for now.
A lot of the sales currently are cash deals.

So no surprise at this news at all.

[Red in Blue PA]

[hal ogen]

I wait in anticipation of the bad poetry, crummy zither music and bad novels they might produce. However, they ARE free of the dreaded “job lock”. What a country.