J.P. Morgan Pulls Belt Tight- Biggest U.S. Bank by Assets Plans to Cut 17,000 Jobs as Trend

wsj ^ | 2/26/13 | DAN FITZPATRICK

[Nachum]

J.P. Morgan Chase JPM -0.21% & Co. stepped up the pace of bank cost cutting, setting plans to eliminate 17,000 jobs by the end of next year and reduce expenses by at least $1 billion annually.

The move announced Tuesday by the New York company, the nation's most profitable bank in 2012 and the biggest U.S. lender by assets, will reduce its staff by 6.5% in one of the most aggressive reductions to date amid widespread financial-industry cutbacks.

[Nachum]

Full title: J.P. Morgan Pulls Belt Tight- Biggest U.S. Bank by Assets Plans to Cut 17,000 Jobs as Trend Accelerates

[Nachum]

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[Nachum]

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[GeronL]

bump

[RedHeeler]

Hope$ and change$ ...

[RedHeeler]

Hope$ and change$ ...

[NoRedTape]

Wow..........SO sad..............

[poobear]

Thank God this economy if finally turning around. I’m surprised it wasn’t reported “Rather than cutting 25K jobs, JP Morgan cuts only 17K. 8K jobs SAVED!”

[Diana in Wisconsin]

I’ll be stopping by my Credit Union tomorrow and giving them all a big HUG! :)

[justrepublican]

We know the same people write this propaganda. This sounds more like a work incentive plan than a work force reduction plan. End of 2014?

[bert]

We had a recent post about chains closing stores. This is the Banking equivalent.

Down sizing in the face of the guaranteed prospect of no growth is both prudent and profitable. There is no point in operating an organization for top line volume that no longer exists.

The action is also acknowledgement that Obama has failed.

[griswold3]

That comment lacks immagination. Think like a “Progressive”...

JP Morgan only cuts 17K jobs. 205,316 jobs SAVED!

[Mr. Jeeves]

The disconnect between the performance of the economy and the media's reporting on the performance of the economy has never been greater. It's truly Orwellian. Retail stores and smaller companies are closing left and right in our (very high net worth) area, and all you hear about is Dow 14,000 and phony employment statistics.

Main Street is being obliterated - right now, in these six months. By July, even the media will have to acknowledge that we re-entered a recession in June 2012...though when they do they will probably try to claim "It's all over now! Happy days are here again, thanks to Brother Obama!" :)

[GailA]

destruction, no hope has struck again

[GailA]

You can cut back only so far and it becomes a hazard to the public. The minor operation I had in Jan, there was no anthologist, 1 pre/post opp nurse, and 1 pea brained barbie who played with her hair instead of attending to the cord wood of patients the doc doing the procedure had lined up...no vitals taken either and most were in their mid 60’s like me with other health issues, no pain meds offered or on site, not even Tylenol which they charge $5 for a regular dose. Dr. Skinflint didn’t even use enough knock out stuff for 2 mins. Last trip to the hospital saw poor service and not even a pillow for the bed and only generic meds. Welcome to 0’care!

Back Yard Burgers has closed several stores in my area, you are seeing niche yuppie stores pop up in their places that cater to the 25 and under population. Mall just a few blocks from us has lost all it’s big anchor stores, and is nearly half empty, only those catering to the 25 and under are still in it, not enough to warrant keeping the mall open. Dangerous place to go to, too. Best be packing heat when you go.

[bert]

That sounds like a purchasing error to me. You purchased services from the wrong source

[poobear]

:)