Layoffs Watch '16: JP Morgan

The bank said goodbye to 100 employees who cater to the rich yesterday.
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Just know that this round of cuts is harder on the ghost of Jonny Pierpont Morgan than it is on you.

J.P. Morgan Chase & Co.’s private bank announced internally another round of layoffs affecting nearly 100 employees, people familiar with the matter said. The unit shared the news within the bank Monday. The moves, which affect employees in a range of positions and locations, follow previous rounds of layoffs across the country in recent months.

J.P. Morgan Private Bank Lays Off Nearly 100 Employees [WSJ]

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The House of Gorman is said to be in the process of letting some employees down easy. Morgan Stanley will this week complete a round of job cuts that will ultimately lead to the company shedding 100 sales and trading staff, underscoring what is expected to prove a dismal second quarter for Wall Street banks. The cuts are across Europe, the Middle East and Asia, according to people familiar with the New York-based bank’s plans. The bank has so far laid off about two-thirds of its original 100-person target, leaving some 33 people to go this week. Morgan Stanle Said To Shed Staff As Deals Fall [FT]