February 26, 2009

JPMorgan to cut 12,000 jobs

JPMorgan Chase & Co. said Thursday it will eliminate about 12,000 jobs as it folds in the operations of Washington Mutual Inc.

Chief Executive Jamie Dimon said the cut was a precautionary move to ensure that the company has financial flexibility should economic conditions worsen. The move will save the company about $5 billion per year.

Dimon said he is not predicting, but is ready for: A recession lasting two years, a U.S. unemployment rate above 10 percent, and a 40 percent peak-to-trough decline in home prices.

Source: AP


  1. wait till we see the layoff numbers from Well Fargo come out on the wacovia merger..not going to be pretty

    Comment by OHBOY — February 26, 2009 @ 10:20 am | Reply

  2. f*** all banks. they wanna rule the world

    Comment by worker guy — February 26, 2009 @ 6:19 pm | Reply

  3. #2 Don’t we all? ;)

    Comment by Kris K. — February 26, 2009 @ 9:42 pm | Reply

  4. why would they fire us when they are paying us crap and telling us, ” be lucky we have a job”. I’d rather work for McDonalds

    Comment by KIDDDDDD — February 27, 2009 @ 5:18 am | Reply

  5. During these challenging times, people all over the world want to pass the storm safe. They put their hearths and mind in the hands of someone they think will give them the best, but at the same time they suffer the fear of being downsized or fired. They put all their energy and commitment in their job, but they’re not rewarded as they would deserve. And when they see others live better lives and have it all, they refuse to accept that a better reality exists, even now.

    It’s always a choice, always. So, choose well!

    “When written in Chinese the word crisis is composed to two characters. One represents danger, and the other represents opportunity”. (JFK)

    Comment by Angelo C. — February 28, 2009 @ 4:41 am | Reply

  6. How about Jamie Dimon taking a pay cut to save jobs! I guess he really needs 43 million a year.

    Comment by Rick — March 2, 2009 @ 9:56 am | Reply

  7. Jaimie is a poor manager.
    JPM is known for rampant employee abuse yet certain Sr VPs do next to no work, and give it all to newer people.

    This place is hell and should be closed on humane basis!

    Comment by Saul — March 8, 2009 @ 2:22 pm | Reply

  8. I was laid off two months ago and have been wondering that some of us get laidoff and the one’s who are managing to hold on their jobs are instead of saving for the rainy day are paying bonuses to guys who landed us in this hole! What a shame.

    Comment by laidoff2 — March 23, 2009 @ 2:33 pm | Reply

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