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.
Layoffs '08: Bloodbath in JP Morgan's Structured Finance Group
Posted by John Carney, May 22, 2008, 10:55am
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Posted by guest , May 22, 2008 10:58AM
aawwwwww......
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.
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.
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.
Posted by guest , May 22, 2008 12:44PM
Thats how you treat people at retail stores...oh, right, bancone was a retail bank...
Posted by guest , May 22, 2008 12:56PM
Structured Finance Group = SIV = CPDO. Search for the guilty. Punish the innocent.
The Hatchet Man
Posted by guest , May 22, 2008 1:06PM
Hatchet Man,
having a busy day today, are we?
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
Posted by guest , May 22, 2008 3:49PM
i think you mean their "syndicated & leveraged finance" (known at the bank as "SLF") group.
Posted by guest , May 23, 2008 1:03AM
what's so structured abt leveraged finance?