J P Morgan Layoffs Job Cut: fires 14000 employees: Finance Trading Times

J P Morgan Layoffs Job Cut: fires 14000 employees

It was in November when we had reported about J P Morgan Layoffs. Then in December it was the JP Morgan WaMu layoffs. And now, the financial giant has declared that it is going to cut 14,000 jobs. The recession is taking a toll on all sectors and the financial sector is the worst hit. The latest additon to the list of companies going for layoffs is the J P Morgan. J P Morgan Layoffs

How many employees may be fired in the J P Morgan layoffs?
There could be around 14000 layoffs by the J P Morgan organization. This will be much higher than the 9200 job cuts declared by the company in December. The worse news is that JP Morgan has mentioned that this number may rise further if the economic condition deteriorates further.

What is the total no. of employees of J P Morgan?
Total No. of employees of J P Morgan is around 28,000 as of now.

Which locations will be affected by the J P Morgan Job Cuts?
It is learnt that the layoffs may be on a global basis and location wise details are not available.

WHich business segments of JP Morgan will be affected in the layoffs
Technology and infrastructure will be majorly hit. 12,000 jobs will be cut as a result of Washington Mutual Integration and another 2000 jobs will go in investment banking.

When will the J P Morgan layoffs happen?
THough there are no confirm dates about when the layoffs will be made, but it is learnt that they will be done as soon as possible.

How much savings can be made by the company from the layoffs?
JPMorgan expects $2.75 billion of savings from Washington Mutual, offset by $750 million of new investments.

What is the primary reasons for J P Morgan layoffs?
Major reason is for cutting costs in the face of a slumping economy and higher credit losses. There is a mjor loss pressure from Home Equity and Credit Cards business of the investment bank.

Any other news about J P Morgan layoffs
As per The Yahoo Finance, JPMorgan unexpectedly cut its dividend 87 per cent to help save $5 billion a year. The reductions are intended to help the New York-based lender weather the current economic turmoil, as its customers struggle with falling house prices, tight credit and increasing mortgage and credit card defaults.
   Let's hope that alternative jobs are available to the affected employees of J P Morgan Layoffs Job Cut
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