Bloomberg sums up the total job losses from recent rounds of layoffs. The report comes with bad news and worse news. The bad news is that the job cuts add up to 3.3 percent of employees at 28 firms. The worse news: more are on the way.
That's significantly less than the market slump from 2000 to 2003, when 17 percent of banking and securities jobs in New York were wiped out, data from the Bureau of Labor Statistics show. Given the record-breaking losses of the past year -- banks and brokers have taken $383 billion of writedowns and credit losses -- some economic forecasters and industry veterans expect the number of dismissals to increase.
Wall Street Dismissals, Not as Bad as '01, Signal Worst to Come [Bloomberg]
Posted by guest , May 27, 2008 9:40AM
Lets guess how many more layoffs and where...I bet JPM will layoff another 5,000 as bsc losses become more apparent.
Posted by guest , May 27, 2008 9:42AM
JPM is not going layoff anymore -- a fact -- credible source
Posted by guest , May 27, 2008 9:48AM
Vice Chairman with $25+ million pay packages dont leave quickly or easily or quietly if everything is okey dokey in IB-land.
So, watch for jp to drop another load on the street in the name of righting the wrongs of the past.
Any hot jpm chicks who want to discuss alternative career moves, let me know.
Posted by guest , May 27, 2008 10:08AM
The pattern is the same as 00-03. First, get rid of the areas of the bank where business has ceased to exist (equity cap mkts/sales in 00, Structured Finance 08). Then, weed out underperformers in areas where there is still business to be done. Finally, shoot anything still standing. I think the worst of it will come in late 08 early 09 as the banks wake up and realize they had another crappy year in 08 and that 09 isn't looking much better.
Posted by guest , May 27, 2008 10:30AM
@9:48am - Definte "alternative career moves"
Posted by guest , May 27, 2008 10:38AM
In some ways, it could be said to be a horizontal mambo hedge fund.
Posted by guest , May 27, 2008 10:53AM
@10:38am - Intrigued as I am, I think I will probably pass.
Posted by guest , May 27, 2008 11:09AM
ohh....not like I said its Towering Python hedge Fund....
Posted by guest , May 27, 2008 11:46AM
I may not be able to get over to LEH as quickly as I had anticipated. JoeG asked me though to "get over here as soon as possible, please."
I guess I'll still be around JPM for awhile. JD called me in over the weekend for "an emergency", and as you can see from today's press coverage, JPM's Vice-Chairman pool has decreased by two.
JD told me that a big demand for my services should continue for some time on Wall St. He said that I have developed an excellent reputation for "cutting-edge" management solutions.
The Hatchet Man
Posted by guest , May 27, 2008 1:10PM
@ Hatchet Man
Your post reads like Gossip Girl. Bravo.
You know you love me,
xoxo