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

By John Carney

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.

Comments (10)

  1. 1
    Posted by guest | May 22, 2008 at 10:58 AM

    aawwwwww……

  2. 2
    Posted by guest | May 22, 2008 at 12:23 PM

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

  3. 3
    Posted by counterclockwise | May 22, 2008 at 12:35 PM

    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. 4
    Posted by counterclockwise | May 22, 2008 at 12:35 PM

    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. 5
    Posted by guest | May 22, 2008 at 12:44 PM

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

  6. 6
    Posted by guest | May 22, 2008 at 12:56 PM

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

  7. 7
    Posted by guest | May 22, 2008 at 1:06 PM

    Hatchet Man,
    having a busy day today, are we?

  8. 8
    Posted by guest | May 22, 2008 at 1:14 PM

    @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. 9
    Posted by guest | May 22, 2008 at 3:49 PM

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

  10. 10
    Posted by guest | May 23, 2008 at 1:03 AM

    what’s so structured abt leveraged finance?

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