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JPMorgan To Fire Thousands
Following last year's realization that mortgage origination as a product line is effectively dead (which has forced such origination dependent banks as Wells Fargo to return to subprime lending in hopes of keeping the revenue stream alive, knowing full well how it all ends), and that only investors and "all cash" buyers are keeping the myth of the housing recovery alive on their shoulders, banks fired tens of thousands of workers in the mortgage business hoping to stem the bottom line bleeding from the collapse in revenues. It turns out that they didn't fire enough and/or that the housing market contraction was far worse than even the banks, in their most, pessimistic forecasts, had expected. Case in point: JPMorgan, which after firing 15,000 in its mortgage business, has just revealed it will fire thousands more.
Several thousand more cuts are planned, according to people familiar with the matter, and could be announced at JPMorgan’s annual investor day on Tuesday. They are part of a new efficiency drive at the largest US bank by assets that also encompasses staffing branches with fewer employees.
Profitability at JPMorgan remains stronger than at competitors such as Bank of America and Citigroup but the bank is looking to find new savings, partly because of technology that allows greater automation of clerical functions in branches and partly because of a plunge in demand for mortgage refinancings.
Rising interest rates have stifled demand, causing the biggest banks to cut tens of thousands of positions over the past two years. The additional cuts at JPMorgan are expected to number more than 2,000, evidence of the steep decline in demand even in the past 12 months.
The bank, which employs more than 250,000 people, is also looking to cut thousands of jobs in branches over time, though it expects to do so by attrition.
JPMorgan executives decided in the past 12 months to halt its branch-building programme, following a trend for banks to look online for future growth rather than to bricks and mortar.
We doubt many tears will be shed over the terminations, especially since JPM was the one bank holding out longer than most in hopes that things will finally change for the better and the bank's "fortress" balance sheet will be able to isolate the firm's workers. They didn't, and it didn't.
JPMorgan held out longer than rivals, filling in gaps in the market in Florida and California, in particular, before now joining the long list of banks to have scaled back their growth plans.
“It was awfully 20th century of them,” said Mike Mayo, analyst at CLSA Securities. “With such weak revenue growth – the worst in eight decades – banks need to find new ways to control expenses, which means finding other ways to streamline branches and other distribution. The last two years have seen the most branch closings in history.”
Yet while JPMorgan's terminations - merely a stepping stone to even more layoffs in the future - mean the unemployment rate will continue to drop as most of the newly laid off will simply drop out of the labor force entirely, the biggest loser will be Wells Fargo, whose primary revenue line was and is mortgage origination. Well, was.
We look forward to seeing just how the California bank, and largest mortgage originator in the US, will offset what is now clearly a secular collapse in mortgage demand as more and more Americans simply refuse to (or can't) take out mortgages to buy homes whose prices have become inaccessible to all but a very select (0.1%) few.
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But Dimon's leadership is so excellent?
He's cutting the fat.
Front running the next crash
They can get in line for the gold custodian job at the NY FED [now that theirs is all gone]
What you fail to perceive, Tyler, is that nothing else is as important and Jamie's Hanukkah bonus,
or mabe that's his Bukakki bonus. I forget.
Dude, I wish the article read "JPMorgan To Fire EVERYfuckingONE" ;-)
Looney
You were too fast for me to proof read, but you got the drift;)
Nail guns are expensive.
It's the weather, transitory and all that shit.
...He comforts us when we're sad now
He sticks with us when times are bad....
To us he's out of sight
Oh, Jamie....
JPMorgan To Fire Thousands
Word is a handful will need to be.....umm.....terminated.
Terminate with extreme prejudice.
http://www.youtube.com/watch?v=GjB8z0Bvi14
Do you find Jamie's methods....unsound?
http://www.youtube.com/watch?v=WdNsltQXTVU
Speaking of Brando, I'd like to see Jamie wake up next to horses head.
Hair, skin tissue and blood, some times bone, get all over the tip trigger. Usually its dried up and requires mechanical disassembly and cleaning with dental picks, brass brush cleaning plus reassembly for the next banker. Also there is a bio hazard problem. Its labor intensive. You can hose it down with Teflon spray before use. That helps. Framing guns just aren't designed for soft tissue.
Wouldn't that suggest that someone (the firer) got away with it?
It's the souvlaki and baklava bonus.
Holding out until the last minute, leveraging every day of human capital possible.
the longer all ya'll apostates take to bow before the only 2 forms of real money the greater the plagues and the agony....
"(Reuters) - Cyber criminals have infected hundreds of thousands of computers with a virus called "Pony" to steal bitcoins and other digital currencies, in the most ambitious cyber attack on virtual money uncovered so far, according to security firm Trustwave.
Trustwave said on Monday that it has found evidence that the operators of a cybercrime ring known as the Pony botnet have stolen some 85 virtual "wallets" that contained bitcoins and other types of digital currencies. The firm said it did not know how much digital currency was contained in the wallets.
"It is the first time we saw such a widespread presence of this type of malware. It was on hundreds of thousands of machines," said Ziv Mador, security research director with Chicago-based Trustwave.
Trustwave said it believes the crime ring is still operating, though it does not know who is running the group. The company said it has disrupted the servers that were controlling machines infected with Pony, but expects the group to launch more attacks on virtual currency users."
http://www.reuters.com/article/2014/02/24/us-bitcoin-security-idUSBREA1N...
there r only 2 forms of real moeny...Physical Gold and Silver....
But satoshi wrote a protocol. You know, a set of rules. You know, rules are meant to be broken. You know, bitcoin is broken.
just jump you assholes...
DEATH TO THE MONEYCHANGERS.........
He's richer than you so shut up
...and a set of cufflinks....to rule them all.
fuck yeah! all the roads will be fixed now with all that extra help all over the US! Heil fuhrer!
How many of those 5,000 were taunting the OWS protesters from their offices?
How many of those 15,000 - fell to the ground while they - were taunting the OWS protesters from their offices?
OWS was an astroturf movement of disgruntled Communists and malcontents, part of whom wanted to "wet their beaks."
The rest of them were fighting for an ideology that was thoroughly discredited 30 or more years ago.
At any rate, they were rubes because the "gaming of the system" that's gone on has to a great extent been carried out under the Democrats that they laud.
If the 1%ers were mocking them, they were correct to do so but for the wrong reasons.
At around the same time most of Greece was on fire, the Spanish were inventing new recipes to take advantage of all the free tear gas coming their way, and parts of London will never quite look the same again. OWS was more of a 70's revival 'love in' for iPhone waving pussies. This from a nation of gun loving freedom evangelists. It was really disappointing, certainly not worthy of the amount of popcorn I bought in anticipation.
>> OWS was
And you are a fucking idiot follower.
My, what a well-reasoned argument. How ever shall I respond?
I vote you jump off a building.
that'll show 'im.
Thankfully, my life isn't up for a vote. It's probably a good thing your life isn't, either.
i agree. they wanted more govt to come in and fix everything. Gotta love that statist mentality. Everything broken by the govt can only be fixed with, you guessed it, more govt
OWS were soros paid re-elect obama campaign workers
"...knowing full well how it all end"
With a bankster bailout courtesy of the Great American Taxpayer!
Yes, but the next time it happens a box of kleenex will be worth more than the money given.
fuck wells fargo, fuck wells!!!! i hate that bank with an extreme passion.
if the mother fucking bank collapsed into a black hole it would be a national holiday for the rest of my life!
So the hot teller at window three shut you down too eh?
Bad Weather?
Jamie Dimon?
"guns and butter" problem on the Street.
On the one hand they're financing a war trade.
On the other hand that means financing The Biggest Government Ever.
Growth must slow as a consequence.
PERIOD.
Sorry about all the name calling earlier at everybody from me btw...but this whole "War in Mother Russia" pisses me off. Iraq now makes no sense, Afghanistan never made sense (outside of SF thing) and now "for our Grand Celebration we get Ukraine."
It all pisses me off because the only thing that can guarantee "border contiguity" is...of course...an Army.
Putin....is using his Navy.
Merkel...is using her mouth.
The State Department...is using "declarations backed up by the use of force."
(No Army...no funding sound about right?)
There's only one "force" on this Planet right now that is currently "usable" and its not the Navy or Marine Corps.
I will say this...I think Sec. Def's DoD cuts are DOA.
"yet again...more Government."
So absolutely the question remains "why are equity prices still going to the moon?"
And again "Zero Hedge is right to ask this question...and be totally wrong again."
That thing is well beyond walking on water now and in pure "levitation" mode.
As a Swedish girl once said to me "MY BIG BUDDHA!!!"
I therefore say (and have said in print) "Tesla at 700 bucks a share" as a consequence.
And yes, I hate General Electric too...but the thing this war will be fought with...has been fought with actually...are turbine engines.
For EVERYTHING.
Ballard Power had a big day today.
Meh.
War sucks.
Phuck you human race.
And if they find another ponzi scheme, those fired thousands will have new jobs!
We're moving from one crisis to the next, with no vision beyond the next quarter.
Jaimie: "Extra bonuses of salaries for work already performed for every Jumper"
They probably have life insurance policies on these employees...which have been put up as collateral to buy stawks...which have then been rehypothecated to collateralize a bundle of MBS...which is being pledged to answer a margin call thus being rehypothecated yet again...
Amazingly enough, especially in today's casino environment, that actually made sense.
then dumped onto the COMEX during thinly traded hours...
and 1,000 virgins!
Time for them to have their houses fraudclosed on by Jamie.
to the faz, er, mobile, ah, fuck it, never mind
The president of the United States of America is half black.
And half yellow.
Someone had to 'pay' for all of those fines. You sure all hell know Jamie Diamonds wasn't going to "bail in" his recent pay raise to cover the losses.
Oh yea, #fuckJPM
They're potentially saving thousands of lives if you think about it.
JPMorgan waited until confirmation from the FED. The FED was concerned that the bodies would count as unemployed.
Don't worry, they are being retired.....
Gotta control expenses so Jamie can get his millions in bonus money.
Try to learn the difference of when an employee is laid off or fired. Big difference. You sound like a liberal.
They're only firing staff to save costs cleaning the corpses off the sidewalk in the next six months. Jumpers make a real mess...
It never gets old, nor less relevant...
http://mtanga.com/Shareholder2.png
knew i should have invested in that company that makes nets for foxcon
Wait, they didn't kill all of the bankers they intended to knock off yet!
Needs MOAR suicides
Layoffs, more efficient. How much did they give out in bonus money?
People might just feel used. Might get mad about it.
They are eating their own now. Should be a hell of a show.
Banksters believed their own BS. Oopps
Damn this strong recovery just keeps better and better. At least this will help the income inequality.
They aren't being fired, they are being LIBERATED. They no longer have to toil in their purgatory job just so they can have employer sponsored healthcare. 0zer0care has freed them to pursue their passion! 0zer0 the great immancipator! Hail 0zer0! Because 0zer0!
JPM (NYSE) should be making a new high on this news. Bullish!
Nails cost more money than pink slips, it makes sense.
One day, and it may not be so very far from now, thousands may well fire upon JP Morgan.
And see that it is good.
What's up with, all the, redundant commas?
Oh, whoa, whoa, Jamie's cryin'
Oh, whoa, whoa, Jamie's cryin'
http://www.youtube.com/watch?v=2MVplfdNC6E&feature=kp
I hope that I see the day when a software company produces the ultimate banking automation software. Of course why limit it to banking so many other industries need to use this system to increase efficiency.
Can't you see the next Steve Jobber walking across some stage Introducing the new CEO2022 ver. 1.1 which performs all of the functions of Jamie Dimon. Only with more integrity, honesty, and humanity.
Who exactly are going to be the consumers in our brave new world? Ridlle me that.
Skynet.
Integrity and honesty? What bank is going to buy one of those? It breaks the perfect profit model.
They obviously know what thay have planned for this spring.
Relax. At the end it will be good. Very good.
http://www.thewarningsecondcoming.com/eternal-father-will-prevent-new-wo...
Citibank seems to be hiring until you get to the end of their job ads where it tells you they are not actually hiring. How does that work? Why in the fuck did you dickwads put the ad out there then? There was a banking quality assurance job those assholes were blabbering about that I was qualified for but when I went to apply they were not accepting applications. Why the hell are they posting these jobs then?
JP Morgue is not around here so I figured Citi was my next best bet. Then you have all of the jobs that require securities licenses. I do not have that whatever 63 license but even if I did you get to the end of the job offer and then they tell you they are not hiring. Every other job listed is some banking job. Anything from teller to financial advisor and mostly teller. I am pretty sure I am qualified to be a financial advisor after a couple of years on ZeroHedge. What would you even tell your clients? Hey, we have a Jon Corzine investment plan you should look at. You can't lose. OR, don't buy anything we sell under any circumstances unless you are an idiot.
Somehow, I don't think I would be very good at the banking business.
Fuck 'em. They shouldn't have been working for Satan.
record bonuses to follow....it costs a lot of [taxpayer] money to keep great talent.
Zero trading day losses, massive housing recovery, record earnings...and now computers can do the job of thousands as Watson starts to infiltrate any computer-based industry. JPM might have 1000 employees and earn a $1T by 2050.
know a few people working in mortgage processing, working moms :(, and yes Wells Fargo.
o.m.g. training today was ridiculous, the new ATR QM is BS -- Two words. Job Security.
Hi to my ZH crew!!!