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(Not Quite) Layoffs (But Considered By Some To Be Just As Bad If Not Worse) '08: JPMorgan CHASE

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We're told that Bearpont Morgan Chase is moving over a third (50/133) of its incoming IBD class over to the commercial bank. Apparently HR has been telling the demoted that their sentence will last one year, at which time they'll (hopefully) be brought back over to IBD. A handful of summer interns are also being shifted into various divisions such as PWM, Asset Management, etc, with HR citing "low dealflow" and "insufficient work" to keep the Mini Morgans occupied, vending machine contests apparently not being an appropriate use of time.