It’s not just Ina Drew and Achilles Macris. JPMorgan is cutting other people too.
Bloomberg reports today that JPMorgan is cutting 20 jobs in London which are unrelated to its recent loss and therefore, we assume, external to the chief investment office. As the bank employs 8,000 people in the City, this amounts to only 0.25% of its staff.
At the end of the first quarter, global headcount in JPMorgan’s investment bank was 292 people fewer than at the end of the fourth quarter of 2011. Bloomberg notes that the bank also let go of 5% of its equity traders and sales staff in March and cut 100 people from its treasury and securities services unit in January.
People losing their jobs at JPMorgan need not fear, however. Yesterday, the bank released its corporate responsibility document, noting – among other things – that it reallocated 2,000 people internally last year. There is no clarification on where they ended up.
Separately, with banks’ share prices continuing to fall amidst fears of a Greek exit from the Eurozone, it’s worth quantifying the extent to which they’re off their February and March highs – clearly bad news for anyone waiting on deferrals.
SocGen is down 37%, Morgan Stanley is down 36%, BNP is down 33%, Credit Suisse is down 30%, Deutsche is down 28%, Bank of America is down 27% and Goldman is down 23%. UBS has proven comparatively resilient: it’s down 18%. JPMorgan is down 25% from its peak, having fallen 9% since May 10th.
JPMorgan’s trading loss is now at least $3bn. (Dealbook)
Is JPMorgan’s real loss $5b? (Zerohedge)
Paul Hearn, head of fixed income trading at Mizuho in London, has resigned. (Financial News)
Get in touch with Sainty Hird if you want to be the head of enforcement at the FSA. (Financial Times)
People who drink coffee live often live longer, especially women. (Bloomberg)