Don’t let the fact that they’re firing upwards of 9,000 employees fool you—JPMorgan is trying desperately to recreate that Bear Stearns magic over on Park. The Post reports that Jamie Dimon is rallying hard to retain the services of many of the senior executives who led the bank to its brilliant demise, at all costs. Obviously no dream team would be complete without the big guy himself, but barring the cancellation of a year-long bridge tour which is scheduled to finish at the Vatican, he’s unavailable. Dimon is willing to settle for the next best thing, however, if only he’ll have him: “Jimmy Cayne protégé,” Donald Tang. The former Bear vice chairman considered is “one of the top Asian investment bankers in the US and a bridge to the coveted Chinese market,” character flaws Dimon is willing to overlook in his desire to rebrand JPMorgan as the premier destination for anyone interested in learning to count cards.
Dimon Juiced By Bear Tang [NYP]
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How many Poon comments has this guy heard?
I bet old JP is rolling in his grave, wishing he had gone into children’s toys instead of banking………
Where did the figure 9,000 lay-offs come from? Other media are using the 50% number, 7,000. In fact, the Post clip used 7,000. The only time I’ve heard more than 9,000 was from a commenter on this site who used 13,000 in an unfounded comment meant to stir things up.
In other news, Catholic priests are having a summit on pedophilia:
http://www.wirralglobe.co.uk/news/national_news/index.var.211940.0.energy_firms_pledge_help_on_poverty.php?
I heard 13,071 – why would JP need more clerks and order takers from bsc?
Remember: “Models” lose money, not traders and/or IBs. ‘Nuff said.
FYI, JPM is firing JPM employees to make room for a number of Bear’s best. I can easily see 8-10,000 total layoffs between the two companies. JPM is just Citi-light anyway.
Wow 9000!
A short week ago some douchebag here was saying my 13,000 joke was “way too much”
Guess douchebags are dumb too
“one of the top Asian investment bankers in the US”
Aint that an oxymoron…i cant count the # of hitter Asian MDs in banking one one hand at the 3 bulge firms i have seen
@3.50 FYI jpm has no intention of firing their own people. Its good-bye BSC baby!!!
even at 7000 that is a blood bath…..
To wake up one March Monday and find that 7000 of your colleagues are vaporized is truly breath-taking..
Not since Drexel has any firm been so obliterated overnight
FYI, DB picked this up from my post on the opening bell comments…eager beavers this
@4:13..what are you talking about, “this”? the item from the post? are you under the assumption they don’t read the post, too? moron. but thanks for the FYI! we all give a shit.
wow, 4:13, you linked to this in comments!
@4:08 Interesting you should say that, cause last time the ads came out announcing MD appointments, I remember skimming the names and noticing a huge number of asians.
Any work on back office people. No word yet on them. Hear JPM people are calling BSC process the “black box”. Maybe they need the BSC people to figure it out.
Carnage #s
Firm Positions Cut As % of bank’s headcount
Citigroup 15,200 4.1%
Merrill Lynch 5,220 8.3
Lehman Brothers 4,990 18
Bank of America 3,650 1.7
Washington Mutual 3,000 6.5
Morgan Stanley 2,940 6.2
HSBC 1,650 0.5
Bear Stearns 1,550 11
WestLB 1,530 25
UBS 1,500 1.9
Goldman Sachs 1,500* 4.7
Credit Suisse 1,320 2.7
Wachovia 943 0.8
National City 900 2.9
KeyCorp 740 4
Fortis 500 0.8
Wells Fargo 500 0.3
Deutsche Bank 450 0.6
Royal Bank of Scotland 200 0.1
JPMorgan Chase 100 0.1
Royal Bank of Canada 40 0.1
_____
TOTAL 48,423
@ 4:39
Where are those #’s from?
E.g. BofA had what, maybe 5k people in NY (at least in the ibank), tops, how many of those cuts are from the ibank, and how many elsewhere?