Cuts going down circa now.
Apparently "exotics is in the process of getting hosed, though not everyone in the group knows it." That is all we know so if anyone's got any other details they'd like to get of their chest, feel free to do so at this time.
Update: Apparently a handful of "associates in commodities structuring in London" have been to sleep in tomorrow.
The House o' Dimon has said to be letting some people down gently today. "Big equities cuts today at JPM. 10% ish of floor? Gone. A good deal of senior people but a smattering of associates and analysts as well. Seems like a general restructuring, every group affected."
Some people are keeping their London-based gigs (for now) and some people are not. JPMorgan Chase, the biggest U.S. lender by assets, will eliminate 20 investment-banking jobs in London as market conditions weaken, according to a person with knowledge of the cuts. The staff cuts aren’t related to the $2 billion loss at the New York-based company’s chief investment office in London, said the person, who asked for anonymity because the investment bank reductions haven’t been made public. [Bloomberg]