More Layoffs At JP Morgan

Posted by John Carney, Oct 23, 2007, 2:50pm

layoffsatbearstearns.jpgThe "worst year ever" for layoffs in finance just got a little bit worse. This morning JP Morgan cut a number of bankers in its loan structuring group, according to a source at the bank. The cuts are said to have hit “expensive people” hardest: three out of four vice-presidents are said to be gone and at least two associates were let go. The most junior employees, the analysts, have “not yet” been let go.

Although the number of jobs lost is not high in absolute terms, they amount to between ten and twenty percent of the large loan structuring group, the source says. This would put the number at the high end of JP Morgan’s claim that it planned to cut "less than 10 percent" of its fixed-income division .

There have also been cuts in the commercial mortgage backed securities conduit origination group and the underwriting group, the source reports. As with many of the recent cuts on Wall Street, these have hit in operations closely connected to the weakest areas of the debt market.

JP Morgan could not immediately be reached for comment on the layoffs.

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Posted in: JPMorganChase, Layoffs

Comments

Posted by Murders & Executions, Oct 23, 2007 3:13PM

WTF is loan structuring?

Posted by WZ, Oct 23, 2007 4:12PM

It's the senior secured equivalent of bonds, ever heard of the LBOs? Where do you think most of the financing comes from, dumbass?

Posted by WZ, Oct 23, 2007 4:13PM

It's the senior secured equivalent of bonds, ever heard of LBOs? Where do you think most of the financing comes from, dumbass?

Posted by just me, Oct 23, 2007 4:27PM

JPM chicks just got a bit easeir in the bar

Posted by Laid Off, Oct 23, 2007 4:47PM

I'm was an associate and just got laid off from JPM today and begged my HR chief and my staffer to not let me go. I was on my knees cryig like a little girl, hoping my man tears would make make them feel bad and reconsider my employment. so i'm 32 years old, still 50k in debt from b-school, 2.5k rent a month and no job.... can anyone here help me?

Posted by Larry Craig, Oct 23, 2007 4:51PM

Laid off,

I am looking for a young man to work part time for me.

Posted by Murders & Executions, Oct 23, 2007 4:58PM

WZ, most people call that group Leveraged / Syndicated Finance. There are dozens of different types of loans (ABL, real estate, Mezz, 2nd Lien) so 'loan structuring' is pretty fing vague.

Posted by Laid Off, Oct 23, 2007 5:03PM

Senator Craig - I seriously need a job as I will not be able to make rent this month. I don't want to get evicted and live on the streets of NYC! How embarrassing would that be??? But I'm also not gay and do not want to "service" you in anyway just to keep my place for another month. Please fellow dealbreakers, if you know of any good jobs for a qualified harding working structurer, please let me know. Please please please....

Posted by shameless plug, Oct 23, 2007 5:06PM

Check the dealbreaker career center

Posted by Chris, Oct 23, 2007 5:37PM

Honestly, I can't tell if "Laid Off" is joking or not.

Either he has incredibly bad taste (getting the axe is no joke), or his english is so bad that his honesty comes across as humor.

Thoughts?

Posted by just me, Oct 23, 2007 5:43PM

who cares? I bet he'll be on the next train to Iowa soon

Posted by Laid Off, Oct 23, 2007 5:47PM

I know its only been a day without a job, but I am seriously getting desperate... I will do ANYTHING for a job.. ANYTHING. I need the money, the prestige and meaning to life that comes with working for a large reputable investment bank. someone please help me..... please?

Posted by , Oct 23, 2007 5:51PM

loan structuring i assume does origination, some execution for corporate bank debt, revolvers, etc.

Posted by Laid Off's boss, Oct 23, 2007 6:16PM

We crunched the numbers and figured we could replace you for 20% of the cost with MBA's in Mumbai.

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