More Layoffs At JP Morgan

The "worst year ever" for layoffs in finance just got a little bit worse. This morning JP Morgan cut a number of bankers in its loan structuring group, according to a source at the bank. The cuts are said to have hit “expensive people” hardest: three out of four vice-presidents are said to be gone and at least two associates were let go. The most junior employees, the analysts, have “not yet” been let go.
Although the number of jobs lost is not high in absolute terms, they amount to between ten and twenty percent of the large loan structuring group, the source says. This would put the number at the high end of JP Morgan’s claim that it planned to cut "less than 10 percent" of its fixed-income division .
There have also been cuts in the commercial mortgage backed securities conduit origination group and the underwriting group, the source reports. As with many of the recent cuts on Wall Street, these have hit in operations closely connected to the weakest areas of the debt market.
JP Morgan could not immediately be reached for comment on the layoffs.