Okay so we're just going to put this out there with the disclaimer that it sounds ca-ray-ssay but it's come from several horses' mouths so perhaps there's some truth to the rumor. I certainly hope not, as I highly doubt our sandwich welfare program could feed this many pieholes. Believe it, don't, whatever, it's a three-day weekend. Supposedly Bearpont Morgan Chase has cut 50 percent of first year analysts and 50 percent of IBD entirely. Severance is 2.5 months salary plus full bonus given out in July.
Posted by guest , May 23, 2008 10:28AM
why dont you call jpm IR and ask??
Posted by guest , May 23, 2008 10:30AM
bitches
Posted by guest , May 23, 2008 10:32AM
Supposedly every trader in credit hybrids except two were cut last week at JPM.
I could see them cutting 50% between the two companies merged.
Posted by guest , May 23, 2008 10:36AM
Hybrids was god-awful anyway
Posted by guest , May 23, 2008 10:39AM
to clarify the cuts aren't 50% in each individual group, some groups got hit harder than others - ie SLF, but across the board, the total reduction is equivalent to 50% of the staff.
Posted by guest , May 23, 2008 10:40AM
to clarify the cuts aren't 50% in each individual group, some groups got hit harder than others - ie SLF, but across the board, the total reduction is equivalent to 50% of the staff.
Posted by GinNTonic , May 23, 2008 11:00AM
Yeah, not a lot of people answering their phones there
Posted by guest , May 23, 2008 11:30AM
I got tuckered-out yesterday from all the work I had to do.
Got a blister on my hand from swinging that f'n axe; should have worn a glove.
Plus, my damn ears still hurt from all the noise Jamie D was making when he kept yelling for head-count updates.
My work was in SLF, a difficult and particularly wet environment. JD said afterwards that I had done well and that he was proud to have a committed company man such as I am to "hang in there" when the "going is tuff" and when the "task is arduous". I was touched.
JD is truly a great man and an inspirational leader.
I slept in late this morning; needed some rest. Up now, had plenty of coffee, feeling refreshed. Ready now for today's business.
It's a great day, and a great day to be alive. Life is good.
The Hatchet Man
Posted by guest , May 23, 2008 11:33AM
hatchet man should write for db.
Posted by GinNTonic , May 23, 2008 11:37AM
@11:33
Agreed, that was almost poetic
Posted by guest , May 23, 2008 1:13PM
Yeah, I think the numbers varied within the IB by individual groups. I heard one group in the IB had 54 employees and only nine are going to JP Morgan. I also heard today was the day they were taking away the Bear blackberries, whether the employee was staying or going. So if you're trying to reach a Bear employee by cell phone, good luck.
Given the overall 40% retention percentage of Bear employees going to JP Morgan, I would be surprised if 50% of the Bear IB was beng retained.
I wondered what they were going to do with the analysts and their bonuses. Their year is almost up. If they let go 50%, that's pretty sad, but if it's true that analysts will get their full bonus, that's good. There's been a lot of analyst anxiety on that point.
Posted by guest , May 23, 2008 1:21PM
twas a bloodbath
Posted by guest , May 23, 2008 1:22PM
What is full bonus, though? Analyst's aren't guaranteed bonuses - they aren't using last year's numbers, are they? Maybe they are saying "full bonus" but then when July comes saying that bonuses this year were only going to be $10K...
Posted by guest , May 23, 2008 1:23PM
think of it this way - there'll be lots of new waiters and bartenders available next week! probably a bunch of taxidrivers who speak english too.
Posted by guest , May 23, 2008 1:24PM
I was at JPM-IB, and let me tell you, 90% of the people there didn't do anything. I just hope there was a good way to find the 10% that are good and they kept them (the problem is that a lot of the 10% had bosses that were in the 90% and they didn't realize/care about the 10%)
Posted by guest , May 23, 2008 1:25PM
@1.24--I hope you got fired because you have a problem with the English language!
Posted by guest , May 23, 2008 1:27PM
CNBC confirmed JPM layoff; no numbers.
Posted by guest , May 23, 2008 1:36PM
See CNBC article:
http://www.cnbc.com/id/24786954
20% overall in IBD but, yes, 50% in M&A. That's probably where the 50% came from.
Posted by guest , May 23, 2008 2:33PM
A little sympathy for the losers, but not much from my non-Wall Street perch. I go with the words of Hyman Roth, "...When I heard it, I wasn't angry; I knew Moe, I knew he was head-strong, talking loud, saying stupid things. So when he turned up dead, I let it go. And I said to myself, this is the business we've chosen; I didn't ask who gave the order, because it had nothing to do with business!"
Posted by guest , May 23, 2008 3:00PM
Hyman Roth was lying in that story. He continued to try and kill the Godfather. Is that what you mean?
Posted by guest , May 23, 2008 3:04PM
This is the business we've chosen, and it was just business.
Posted by guest , May 23, 2008 3:06PM
@1:25PM People that have nothing useful to say, but feel that everyone wants to hear their "important" opinion anyway (we don't) just make comments about spelling and grammar mistakes. In is a sure sign of a very insecure, and usually below par in intelligence, person.
Posted by guest , May 23, 2008 3:08PM
@3.06- When you post about someone's intelligence, you need to write coherently. Now, whos on the short bus back to Delaware?
Posted by guest , May 23, 2008 3:08PM
Anyone upset with the "cold" comments is obviously not a person on Wall St. Eeryone there knows that this is just "part of the game". In good times we get serverely overpaid. In bad times, we get chopped as fast as they can. Anyone that doesn't accept this should take a government job.
Posted by guest , May 23, 2008 4:20PM
@ 3:06: What do you mean by "the short bus back to Delaware?" Also, it's "who's", as in who is......
TOGFD
Posted by guest , May 23, 2008 10:22PM
TOGFD = TGFD = left hand, right hand sock puppets talking to each other.