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

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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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    Comments (49)

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    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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