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Layoffs Watch '14: JP Morgan

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The House of Morgan is expected to lay off a whole bunch of employees this year. Those cuts, along with increased regulatory pressure, will somehow supposedly, eventually, cause Jamie Dimon to decide his gig as CEO is not worth the trouble and quit to become a shepherd, according to analyst Dick Bové.

The latest setbacks at the largest US bank, employing 250,000 worldwide, are so stark, they could force CEO Jamie Dimon to throw in the towel, analysts say. “It’s just beginning to hit them over the head,” said Nancy Bush, a consultant and strategic adviser at NAB Research...

“I don’t know when Jamie Dimon finally throws in the towel and says, ‘I can’t take this anymore; this is absolutely absurd,’ but I am starting to believe that this point does exist,” said Dick Bove, a bank analyst at Rafferty Capital Markets. Bove has a “hold” on JPMorgan’s stock. He fears a bloodbath: More job losses could soon be announced there, he says, with as many as 10,000 more employees emptying their desks. “I don’t know with certainty, but these cuts can happen fast,” he added.

Dinged-up JPMorgan CEO may seek exit: analysts [NYP]


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