LayoffBlog.com

February 26, 2009

JP Morgan to trim 12,000 from WaMu headcount

According to MarketWatch: “The head of J.P. Morgan Chase‘s (JPM) retail banking operations said Thursday that the firm plans to trim 12,000 jobs from the headcount of Washington Mutual employees.”

Update (2-26-2009): Updated California WARN listing for J.P. Morgan (PDF document), Jul – Dec 2009 layoffs schedule

Update 2 (2-27-2009): JPMorgan Chase & Co. told investors Thursday that it will cut 14,000 jobs, up from a previously announced 9,200 in December, according to Dayton Business Journal

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

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