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Layoffs Watch '08: JPMorgan

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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.