Previously announced cuts apparently went down in the House of Dimon today, with Technology, Media & Telecom (TMT) and Debt Capital Markets (DCM) employees, specifically, being shown the door. Syndicated and Leveraged Finance (SLF) is expected to given the signal (to exit the building) tomorrow. Severance is said to be 12 weeks pay.
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
WTF?
coal in your stocking
Honda has never let an employee go. How to run a business!
OK, DCM=Debt Capital Markets, but help me out on TMT…
Eat my ass #6!
@4 – TMT = Telecom, Media & Technology
technology, media and telecom
@6 how did it taste?
TMT may refer to:
* Tandem Mass Tags in Mass Spectrometry
* Tarsometatarsal articulations
* Technology, Media, Telecommunications – an investment sector (mostly European usage)
* Teratoma with malignant transformation
* Terror management theory
* Thane Municipal Transport
* Thirty Meter Telescope
* Tiny Mix Tapes
* TMT Tapping-Measuring-Technology -
* TMT Pascal – A Pascal compiler
* Trick My Truck
* Tubular Modular Track for railways
* Turkish Resistance Organization
take your pick
slf?
Just wondering, did TGfD use the rolling stop on SRS or did he lose all his gains from yesterday?
@10 Syndicated and Leveraged Finance
what is SLF?
what is SLF?
what is SLF?
Would CMBS be part of DCM? If yes, how many people can they have left?
What’s CMBS?
is the site fucked up for anyone else? i can only get the latest 3 stories and gasbags pic wont even show…
Anyone know how many were laid off?
Wideclops
how come no photos of bess on this site?
Jamie Dimon received $29B from the Federal Reserve to take over Bear Stearns and $25B from the U.S. Treasury to humor Henry Paulson and his bank capitalization plan. That’s $54B extra from the federal government for a bank that basically has not shown any weakness.
And I’m not going to go into how nice it was of Sheila Bair of the FDIC to work closely with JPM and deliver up Washington Mutual cleansed of bad debt.
What has the government gotten in return for its favors? 9,000 jobs lost when Bear was absorbed into JPM, 10,000 jobs lost when Washington Mutual was shaped up to meet Mr. Dimon’s efficiency standards. When JP Morgan moves with an ax through an assimilated company, it always sacrifices a percentage of its own employees in order to maintain the morale of the vanquished.
What is the result? An ever more powerful financial conglomerate where worship of the bottom line is the bottom line. It’s hard to foster employee loyalty when it’s never known where the ax will fall next. I suppose a frightened employee is an employee who doesn’t mind sacrificing his or her personal life for less money than he or she made last year.
I hope Mr. Dimon continues his interest in fighting substance abuse. $54B could go a long way in providing treatment for those who seek it. But hey, that’s a negligible need compared with the crying need to give more and more federal resources to a bank that’s proud of its “fortress balance sheet,” and like another institution committed to self-preservation, the Pentagon, has never seen a fortress too strong.
No technology? No telephones? AND, no media?
How does the company expect to levelset their tablesteaks and strengthen the organic core competencies while orchestrating holistic synergies without these groups?
Who’s gonna do this huh?!
3 – your wrong, my uncle works at Honda and was laid off 11/17.
DCM is high grade, preferred, and hybrid origination. Since the credit markets are shut there are no deals.
Just when you thought they would not take any more…. We should save our tax dollars for US, because times are going to be tough, and we will need them.
Maybe it is is time we step back and make a more holistic assessment of the costs and benefits of a financial system that demands the return of all the gains ever delivered now that times are bad, and also demands the lion’s share of the returns during the good times. http://tinyurl.com/6jldft
We’re all so fucked (royally). Shit!
@#11…
TGFD used a stop-loss today to limit today’s loss on SRS to only 6.05 per share. Yesterday, I sold my original play too soon on a dip, but my gain was still 18.81 per share. Basically, TGFD lost a third of yesterday’s gain by playing with SRS again today.
I’m still having trouble coming up with an amount at which to set a trailing loss. Any suggestions?
The Guy from Delaware
@13,
I had “shit licking fags”.
@22
Its not what they gained, per se, its what they’ve averted (so far): the epic and massively painful downfall of the global financial and economic system, the effects of which would be far worse than it appears you have the capacity to comprehend.
#11 here (and the original poster before). Dont worry about what you “left” on the table. Be disciplined – it often is harder to determine an exit than entry….with a leveraged position – the rolling stop should be tighter if you always have a “could have” memory…
@#11…
p.s. TGFD used a 3% trailing loss on SRS yesterday, and I was taken out on a dip at 137.37, right before the big run-up. 4% would have kept me in. Basically, I’m not sure what to do next time.
The Guy from Delaware
you made money – and know SRS is below 137, right? remember what its there for!
Anyone know the numbers for 1st year analysts?
@#33/11…
You said,
“and know SRS is below 137, right? remember what its there for!”
Please explain. Thanks.
The Guy from Delaware
Sadly, the idiots are probably still working there and are not cut.
TGFD,
Bears, bulls, pigs – especially with leveraged ETF’s.
FIG?
lotta bloated contracts w/no revenue there
TGFD – go fuck yourself.
@#39…
Why so hostile today?
The Guy from Delaware
Anal_yst @#30, #22 here. I have frequently commented in the past and usually agree with you. I do think I have the capacity to understand “the effects” of an “epic and massively painful downfall of the global financial and economic system.” It was based on that understanding that I supported Bernanke and Paulson from March 2008 until mid-September 2008 in their ad hoc efforts to prevent disaster, despite having qualms about the perennial secrecy and lack of input from outsiders. Frankly, I have had some doubts from the beginning about the underlying legitimacy of their efforts.
When Lehman alone was allowed to fail — probably to appease the demands of the President’s vocal free market constituency — and Paulson was adamant that he must have $700B to buy mortgage-backed assets only to reverse himself a few weeks later, I began to question why I had supported so readily the possibly authoritarian measures of Paulson and Bernanke. Perhaps I wanted to believe that this financial collapse could be stopped, if the right person stepped into the breach.
Everything that Paulson warned Congress about in getting TARP authorized has more or less come to pass despite the huge expenditures. The financial crisis worsened markedly, not because of new extrinsic pressures, but because people had their confidence shattered in the Treasury Secretary, who hadn’t bothered to explore the practicalities of reverse auctions and the possibility that the amount of troubled assets held by the private sector far exceeded the Treasury’s ability to buy them.
Have you not noticed the massive recent layoffs at Citi, Goldman, Washington Mutual? I’m not certain of the exact numbers, but that’s approximately 70,000 to 80,000 lost jobs in one industry within the few weeks since the TARP was authorized.
Have you also not noticed how Jamie Dimon, over and over again, has agilely slipped in to catch the falling government benefits? How is giving $54 billion to one demonstrably solvent institution averting anything? With Bear, 6,000 jobs were saved but 10,000 jobs were lost. Washington Mutual was not saved at all; it went into a quick bankruptcy that was long enough to wash away its liabilities. At least 10,000 jobs will be lost. The profitable and desirable operations of Bear and WaMu were preserved with a big assist from the federal government and now are the private property of JP Morgan.
Call me insensitive to the nuances of world-wide financial collapse, but I am failing to see why it is the government’s job to engineer massive transfers of wealth from one private entity to another, and how JP Morgan’s huge gains and Bear’s, Lehman’s, and WaMu’s lamentable losses have benefited the country in any way.
@TGFD
I’m the wayne gretzky of american sex. Now bow down and receive my spear injection.
@#42…
Eat shit instead, clown.
The Guy from Delaware
What exactly is the “Street” going to sell in 2009? Equity execution?
I think this has been planned for a long time by a tiny group of corrupt immoral insiders who are helping each other out. I don’t believe they caused the financial crisis but I do believe they have taken advantge of it to make money while making sure some ibanks are gone – that way in a few years when the economy rebounds and MS and GS suddenly decide they want to be ibanks again and the Fed lets them change their status overnight again they won’t have many competitors left.
This is my list of the primary corrupt immoral people:
Henry Paulson
Jamie Dimon
Lloyd Blankfein
Timothy Geithner
Robert Steele
All the GS people working at the Treasury department.
The defense industry and the airline industry both had massive layoffs a few years ago but congress didn’t authorize a bailout so they could legally steal money from taxpayers to give it to wealthy bankers – I believe maybe someday people will realize this has been the biggest scam out country has ever had and Dimon, Blankfein and the others will never go to jail for it.
TGFD stop fucking telling us about your odd lot day trades made from your living room you cock starved cunt
Also what is with all the “I’m a little boy who hates women” language here?
I get the impression nobody here is out of college but I still don’t remember acting that lame even when I was in college.
Steve Black sat in front of a group of Bear employees in March and said ‘we don’t do ethnic cleansing” yep right…Steve, Jamie and the crew would make Sadam and Milosivich proud. “Heritage Bear” are taking the brunt of the hit here.
What’s JPM?
He really compared employees losing jobs during a merger to genocide? I find that hard to believe.
Junior “Heritage Bear” employees should have been let go to begin with
@ 47, that may have been because you were too busy blowing dudes??
$100 that 47 is TGFD masquerading as an anonymous guest. Post about daytrading strategies on altavista finance if that still exists
@53…$100? Are you a Wachovia commercial paper origination ‘banker’ who got fired?
Does Steve Black even realize what he said was wrong or is he just an idiot? He thinks bankers who probably make more money in a year then many people living in other countries make their entire lives losing their job is the same as people being killed in a genocide – maybe the problem with his bank is that they have idiots working there.
54 = unemployed fag enjoying the last 3 weeks of severance, currently googling the address of the unemployment office
Re: Heritage Bear
Are these the folks that got promissed a stay bonus till year-end/pro-rata of last years bonus
Or, is this re-negging on folks who made the cut in June & and are now fired
@41
No doubt many mistakes have been made, most notably the backpedaling and complete lack of transparency and public comment one would expect when such high stakes are on the line.
However, and this goes more towards #45 (whom I presume is someone else?), but come on, did you run out of tin foil today? I’ll let u borrow some if you want just stop posting crap like that. Everyone knows this is just the Jew conspiracy at work, throw Fuld and a few others under the bus, its all misdirection baby.
JPM Chicago (including legacy debt shops): more cuts on Wed / Thurs
half of entire analyst class blown to smithereens…. or Smithers, in GAnalYst’s case
@45 Hellooooooo!!! Goldman and its former executives have basically destroyed this whole financial system…They’ve destroyed the oil market, I mean who has an analyst saying $200 and then you hear them say $40????? Too much manipulation and control on all parts and everyone just stands in awe because they fucking can’t touch these bastards!!!!!
I’m not sure what Jews have to do with it – although Blankfein is probably Jewish and I know Geithner is I don’t think any of the others are.
I think there was alot that happened behind closed doors during the financial crisis that we don’t know about – some of it could be against the law, I don’t really know. But I also know for sure that people at banks knew many of the loans were bad, they sold them for profits to other banks, those banks chopped them up and sold them with good loans to investors and made billions in fees, and GS made millions betting that house prices would fall while also telling their clients to invest in real estate – that might not be illegal but it should be.
@56: Sorry, did I hit a sore spot (and not in the way you’re used to, you fag)? Good guess, but I am actually not unemployed. You on the other hand, my intellectually deprived and sexually deviant friend, will soon be back to turning tricks in Chelsea dives before eventually having to move back to Iowa City. Just be thankful that irratioanl exuberance in the financial system allowed to experience (however fleetingly) a life that really was never meant for someone like you.
You forgot to add a pronoun after allowed. Clearly attention to detail doesn’t apply at BofA retail client services
@61
I figured it was only a matter of time…
I ripped on 45 for being a conspiracy theorist, the jewish thing was what we call “sarcasm”, sigh…
It’s unreal how much cock is chugged on this site. Get lives you fucking nerds. I beat you all up in HS, don’t think you’re cool because you can “model” and add back “non-recurring” items to get to an “Adjusted EBITDA”. You’re all cock munchers who find banking to be a place where your nerd ass is accepted because you spend “all-nighters” ordering food and fucking around and formating a powerpoint slide or ordering a car service so you can “send the books” over to your MD by the morning while you then email them on your blackberry so it can time stamp you at 3am “doing work”. You’re all getting called out for being nothing but fucking nerds.
65 That’s truly a good one. Except for the fact that nothing is more nerdy than posting on DB at 11:56. Unless you’re working the night shift in the duplication department. Actually, that would be my guess given the perceptive nature of your comments (i.e. you’re a guy that knows in detail how things actually work) combined with the venom with which they are being delivered.
@ 65: Let me guess…you’re from Long Island, aren’t you?
Just sent an email from my blackberry.
“Sell more paintings! And the Maybach!”
- The Real Dick Fuld
@65 you fuckin loser, did you recently find out that the route from the mailroom to boardroom has been shut down 20 some years ago? Go do your shitty little task whatever it is. Next stop for you is flipping burgers. Bitch.
@68…if you think that was funny, please go ahead and kill yourself.
@63…Speaking of attention to detail, you cock sucking faggot, you missed my typo in the word ‘irrational’. What you fail to grasp is one of the reasons some of us still have jobs is because we focus our attention on our work, insead of on critiques of anonymous online posts. As fulfilling as I’m sure it is to be sitting in your crack whore of a mother’s basement in south Jersey, giggling at how witty your anonymous online persona is, I would advise that you show BofA retail client services a little more respect…Karma is a bitch and it’ll come back to bite you in the ass when you are applying for an unpaid internship there.
suck it hard JPM…you buy Bear, kick me out of work and I end up getting a better severance package…poetic justice!!!
@72. You dont have a job. You clearly didnt suck it hard enough, did you?
enough with the sucking, fags, moms, basements, etc
Its a JPM thread
74 -> working for JPM (delivering copies or something), thinking its the shit…
75
I fucked your Mom up the ass and blew the load in your wifes mouth…
Thanks
guest@#53…
TGFD didn’t write #47. Not my style.
TGFD never “masquerades as an annonomous guest”. If I don’t have the balls to put my moniker to something I post on DB, then I won’t post it.
Unlike you, TGFD is prepared for the wrath of others.
Now, where’s that $100 you foolishly bet against TGFD?
The Guy from Delaware
Hey guys,
If any of you laid off JPM folk need a new job, I am looking for a new pool boy. Must be young, cute and have supple yet firm buttocks. Based on your past profession, I already know you can take it in the backdoor.
Thanks,
The Guy from Delaware
Comment stream got me HOT
TGFD @78 – after you are done giving it through the backdoor, do you get a facial from the said pool boys? Very interesting.
The guy from Delaware is a complete and total faggot. Bess, can you blackball this idiot. He’s fucking doorknob and should be handling a jiz-mop at some gay-bar in the meatpacking district.
TGFD,
If I may ask, if you are indeed an older gentleman, and one who isn’t forcibly tied to a computer screen for 18 hours a day with no other form of entertainment, why exactly do you spend so much time on a message board seemingly populated by adolescents? Ostensibly it isn’t for the mature and intellectual banter, so one can only deduce that you must be a complete and utter homosexual who trolls internet forums in the hopes of seducing younger guys. Please feel free to correct me if I’m off here.
Hey guys,
If any of you are willing to continue your career in the backdoor, I know of some houses in Thailand that need your services.
The Guy from Delaware
JPM employee here. we saw cuts in front office (marketers) big last week, bear heritage employees in structured liabilities rumored to be getting the axe this week (studying/cramming for the cfa so haven’t gotten the scoop on firings as of today).
can’t fire all the bear employees though, need some to help integrate the systems :)
some funny stuff here but too much wanabe macho I thought used to be a bad ass comments…banking is bs and we all know it now…a true bankers job should only be doing thorough credit work on a borrowers credit profile and determining the terms of a loan (amount, interest rate, maturity). Nothing more and no bells and whistles. It is not suppossed to be a glamorous high stakes profession.
@85
couldn’t cut it? there there, theres always room for you in card services
Equity Prime Brokerage took a hit for about 25 “low performers” all ex- Bear Stearns
SPG got hit on Thursday, more cuts in SPG coming next week.
@ 86..you are a fucking tosser. Enjoy unemployment you fucking homo.
@87 was that on friday? those guys sit on my floor, i ducked out early
rumors flying around JPM: there will be cuts in Asset Management in January- some NY, some London.
rumors flying around JPM: there will be cuts in Asset Management in January- some NY, some London.
Asset Management cut in November, wake up.
@93, outside of back office retail, banks are allowed to fire more than once ever 6 months you cock eating faggot.
Asset Management began cutting November 18th in Kansas City. Still cutting here and there. My position was “eliminated” in the first round, along with three others on my team.
I’ve been informed by friends still there that the cuts are continuing but they are aiming at the “unpopular” (whatever that means) employees.
The strange part is that the team I was on (with previously 9 members and now only 6) are going to be responsible for handling the work of the 211 previous clients but those that were clients of WaMu in their retirement planning section. We were swamped before with 9 people and fewer clients. I’m guessing they’re going to have to re-hire after they figure out there’s no way to handle the work load with such a reduced staff.
Just my opinion.