Layoffs '08: Bloodbath in JP Morgan's Structured Finance Group

Posted by John Carney, May 22, 2008, 10:55am

We're told that layoffs began yesterday in the structured leverage finance group at JP Morgan. Yesterday heads rolled among the senior staff. Today junior people are feeling the axe-man's blade, according to a source familiar with the matter.

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Posted in: JPMorganChase, Layoffs

Comments

1

Posted by guest, May 22, 2008 10:58AM

aawwwwww......

2

Posted by guest, May 22, 2008 12:23PM

JP is trying to find jobs for Bear poeple that was not taken so
they can avoid giving the severance package.

3

Posted by counterclockwise, May 22, 2008 12:35PM

Bear people who were taken by Morgan were told that there would be lay-offs at JP Morgan to accommodate their hiring. (Some were even told that there would be two JP Morgan lay-offs for every Bear brought in.) JP Morgan lay-offs are taking place now so that the Bear hires can be physically integrated into their new assignments. How's that for a great psychological set-up: survivor guilt among your Bear colleagues for being asked to go with JP Morgan job, sadness for the colleagues that will be out of work, and a tepid welcome at JP Morgan because you're the person that caused their beloved colleague to be out on the street.

4

Posted by counterclockwise, May 22, 2008 12:35PM

Bear people who were taken by Morgan were told that there would be lay-offs at JP Morgan to accommodate their hiring. (Some were even told that there would be two JP Morgan lay-offs for every Bear brought in.) JP Morgan lay-offs are taking place now so that the Bear hires can be physically integrated into their new assignments. How's that for a great psychological set-up: survivor guilt among your Bear colleagues for being asked to go with JP Morgan job, sadness for the colleagues that will be out of work, and a tepid welcome at JP Morgan because you're the person that caused their beloved colleague to be out on the street.

5

Posted by guest, May 22, 2008 12:44PM

Thats how you treat people at retail stores...oh, right, bancone was a retail bank...

6

Posted by guest, May 22, 2008 12:56PM

Structured Finance Group = SIV = CPDO. Search for the guilty. Punish the innocent.

The Hatchet Man

7

Posted by guest, May 22, 2008 1:06PM

Hatchet Man,

having a busy day today, are we?

8

Posted by guest, May 22, 2008 1:14PM

@1:06,

Glad you asked. Reminds me of the day back in the 7th century when mohammed chopped off 100 heads of infidels all by himself.

Mo had to take a break for refreshment part way through because he was getting tuckered out.

Ahh...Back to work.

The Hatchet Man

9

Posted by guest, May 22, 2008 3:49PM

i think you mean their "syndicated & leveraged finance" (known at the bank as "SLF") group.

10

Posted by guest, May 23, 2008 1:03AM

what's so structured abt leveraged finance?

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