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JPMorgan Announces Job Cuts
January 26, 2012
[ by Melanie Gretchen ]
JPMorgan Chase continued the chop, chop, chopping on Wall Street [isn't the axe blade dull by now?] with its announced layoffs in the Treasury and Securities Services division. Some 100 people were terminated - as part of the bank's periodic staff adjustments. The firm has not engaged in any firm-wide staff reductions.
Michael Cavanagh heads the business unit that oversees payments-processing and cash-management services for institutional clients like MF Global. As of 12/31/11, it employed nearly 28,000 workers.
[C-I Note: Wonder if the 100 casualties worked on the MF Global account? Perhaps JPM terminated the individuals so they won't be around when the regulators investigate the operations.]
For more information, visit [Bloomberg, 1/26/12].Related Stories: Archive
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