Jamie Dimon just told listeners on his quarterly earnings call that JPMorgan won’t have any large scale jobs cuts in the coming months.It’s amazing for two reasons.
One: almost every other bank is cutting thousands of jobs right now. UBS is cutting 5K. Morgan Stanley is going to cut thousands.
Two: JPMorgan’s bottom line is getting hit big time with foreclosure lawsuits. Chris Whalen, a bank analyst, predicts their losses could total up to $25 billion. Dimon said on the call they would slow within 12-18 months.
But of course, no large scale job cuts still implies job cuts.