JP Morgan to Cut 17,000 Jobs

[Porker]

J.P. Morgan Chase & 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.

 

J.P. Morgan is considered among the healthiest of the big U.S. banks, but the cuts show that even it isn't immune to the struggle that is dragging down results at financial companies of all stripes

[RadX]

wow...that's massive

[Altivo]

Huge bulk of the lay offs will come from their domestic consumer banking business in the US.

[Mustank]

J.P. Morgan Chase & 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.

 

J.P. Morgan is considered among the healthiest of the big U.S. banks, but the cuts show that even it isn't immune to the struggle that is dragging down results at financial companies of all stripes

[RadX]

skali we see same here

 

UOB cuts 3000 jobs cos car loan mkt crash

[Enye]

those who are not cut

 

still get fat bonuses and increments right?

 

[Wt_know]

bank especially investment bank is the biggest blood sucker

 

business good ... expand rapidly ... so fast that they will get new office, fat bonus, don't care what's long term

 

business no good ... kill kill kill but big bosses still take obscene bonuses

Edited February 27, 2013 by Wt_know

[Rncw]

maybe it is becoz those not out wanna get fat bonuses, thats why those were out?

[Nullifi3d]

Funny, i've heard news they were stepping up hiring for AML ever since they got the OCC Cease and Desist -

http://www.bloomberg.com/news/2013-01-14/j...k-controls.html

[Karoon]

last time when i see this kind of news, i would think:

"ooooh poor mid-level bank employees, bad times they're the first to go, good times they're last to get bonus....."

 

then i saw my mid-level bank employee cousin's payslip.... bonus for 2012(not including salary) was SGD175,000.00

 

now i think fair enough.... enjoy your ups and downs

 

 

 

 

 

[Jamesc]

last time when i see this kind of news, i would think:

"ooooh poor mid-level bank employees, bad times they're the first to go, good times they're last to get bonus....."

 

then i saw my mid-level bank employee cousin's payslip.... bonus for 2012(not including salary) was SGD175,000.00

 

now i think fair enough.... enjoy your ups and downs

Is your cousin a female and single?

 

[Karoon]

Is your cousin a female and single?

 

 

unfortunately no to both

[Altivo]

Funny, i've heard news they were stepping up hiring for AML ever since they got the OCC Cease and Desist -

http://www.bloomberg.com/news/2013-01-14/j...k-controls.html

 

You don't need that many Control people. Just 1-2 per business/product will do. And if it's a global business, then multiply that by the number of regions. So I'm looking at 3-6 headcounts for Control on a global basis.

[Nullifi3d]

You don't need that many Control people. Just 1-2 per business/product will do. And if it's a global business, then multiply that by the number of regions. So I'm looking at 3-6 headcounts for Control on a global basis.

 

The main headcount will be for actual AML-related investigations role to review alerts and weed out false positives.

 

Edit: Sorry, referring to this news - http://www.occ.gov/news-issuances/news-rel...occ-2013-8.html

Edited February 27, 2013 by Nullifi3d

[Altivo]

The main headcount will be for actual AML-related investigations role to review alerts and weed out false positives.

 

Edit: Sorry, referring to this news - http://www.occ.gov/news-issuances/news-rel...occ-2013-8.html

 

arh, okie. Thanks!

[Porker]

The main headcount will be for actual AML-related investigations role to review alerts and weed out false positives.

 

Edit: Sorry, referring to this news - http://www.occ.gov/news-issuances/news-rel...occ-2013-8.html

 

Why need AML when the compliance people can do the same?

[Throttle2]

J.P. Morgan Chase & 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.

 

J.P. Morgan is considered among the healthiest of the big U.S. banks, but the cuts show that even it isn't immune to the struggle that is dragging down results at financial companies of all stripes

[Altivo]

Why need AML when the compliance people can do the same?

 

Some banks choose to segregate whereby AML focus only on AML related stuff while Compliance deals with the local regulatory/legislative requirements.