Layoffs Watch '08: JPMorgan. You Heard Me Right.

Posted by guest, May 01, 2008 3:03PM

JPM must be looking for a way to generate some losses to offset the gains they're making elsewhere; why else would they keep the Bear Joey's around?

I'm waiting for Thadius R Rogers to offer his support for the soon to be let go JPM females.

Posted by guest, May 01, 2008 3:18PM

no females on that team. not really Thadius's scene.

Posted by guest, May 01, 2008 3:27PM

..does anybody get that sinking feeling that JPM is gonna take a massive loss over buying bsc?

Posted by guest, May 01, 2008 3:35PM

@3:27

in the long run prob not - if this is true, that's a serious kick in the nuts for the JPM folks - can't be good for morale - esp. if there is any sort of attempt to integrate the cultures

Sincerely,

Capt. Obvious

Posted by guest, May 01, 2008 3:37PM

they should call pimco

Posted by guest, May 01, 2008 3:39PM

JPM is too big to have a culture.

Posted by guest, May 01, 2008 3:46PM

Bearly Stearns

Posted by guest, May 01, 2008 3:50PM

To be fair, the BSC correlation guys are much better than the JPM ones, so it seems like management is being smart about the integration.

Sadly for Bear - in pretty much every other department they're much worse than JP....

Posted by guest, May 01, 2008 3:59PM

3:50

I would not be so sure about that. In equities technology Bear is years ahead of JPM. JPM is Citi-Light anyway. All the bad taste, none of the calories.

Posted by guest, May 01, 2008 4:05PM

Have you tried getting any banks to accept JPM credit this week?

We had to go to Citi to get things done -- unbelievable. Makes me wonder if there is something up there.

Posted by guest, May 01, 2008 4:09PM

@4.05-- can you please expand your thoughts on this?

Posted by guest, May 01, 2008 4:21PM

I don't know that JP Morgan will ever successfully integrate the cultures. But it may not be necessary to success. After all, everyone wants to make money.

Someone named Betsy Gracek at Morgan Stanley said in an April 29, 2008 research note that Bear would earn $1 billion dollars for JP Morgan. The article I read didn't specify what period of time went along with that figure. I know nothing about the credibility or reputation of Betsy Gracek.

Jamie Dimon himself reportedly said April 16, 2008 that Bear might earn $1 billion or more during consolidation, whatever period of time is meant by that.

This is consistent with what I have heard, that productive Bear people (who haven't found work elsewhere -- which is everyone's dream) have continued to be productive, under the worst of circumstances.

Posted by guest, May 01, 2008 4:27PM

If anyone is looking to hire a JPM female, I might be available shortly...

Posted by guest, May 01, 2008 4:35PM

@4.27--what were you hoping to be paid for, my dear?

Posted by guest, May 01, 2008 4:36PM

4:27:

You need to give Thadius a call.

Posted by guest, May 01, 2008 4:42PM

@ 4:35pm - probably not what you're about to offer me a job in...

@ 4:36pm - anyone got Thad's number?

Posted by guest, May 01, 2008 5:37PM

Fans of Andrew Ross Sorkin will be happy to know that he edited out the term "redundancy letter" in yesterday's Reuters post from London (the term is from British law and describes a termination process totally different from that applicable under U.S. law) but otherwise cut and pasted the dispatch without further fact-checking on the NY Times website. Thus, thousands of New York Bear Stearns employees won't have a clue that the Reuters story may apply to U.K. employees only and may be needlessly panicked.

Good work, Andrew.

Dealbook also posted the Forbes article comparing the compensation of Lloyd Blankfein and Jimmy Cayne, but didn't bother to check the underlying numbers on a chart Forbes put together re Jimmy Cayne. That was a simple chart, but anyone with knowledge of the Bear Stears situation could see it was woefully misleading.

Again, good work, Andrew.

Posted by guest, May 01, 2008 11:13PM

6 people in total

Posted by guest, May 01, 2008 11:54PM

Who's buying me a foie gras sandwich if JPM doesn't take the Bear guys?

Posted by guest, May 02, 2008 1:12AM

Are these the same guys that were responsible for launching a high-tech platform a couple of days after the JP Morgan buy-out took place?

Posted by guest, May 02, 2008 9:47PM

JPMorgan has only been extending offers to the big time winners at Bear, and bidding the others farewell; and that's a fact. It's all about staying the leanest, toughest bank on the street, and as of right now, that is exactly what they are doing....