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-   -   Economics JPMorgan to cut 8,000 jobs (https://www.chiefsplanet.com/BB/showthread.php?t=281797)

petegz28 02-27-2014 03:39 PM

JPMorgan to cut 8,000 jobs
 
http://www.usatoday.com/story/money/...-cuts/5803057/

If you read the link you will see that the cuts net out to a 5,000 job cut. However as the link points out, they have laid off about 20,000 during the "recovery".

Now keep in mind that Jamie Dimon, head of JPM just received a 74% raise lifting his salary to the 9 figure range.

This is why you see the anger at the 1%. This is the culture that is being embraced by the establishment Repubs but plaguing the conservative right.

Nothing illegal about this, I agree. But this is a class A example of why people go over the the Dems on economic issues in search of what they consider to be justice. They won't find it there but that's not the point.

So let's recap:

Jamie Dimon gets 74% raise to $20 mil+
5,000 JPM workers get cut
20,000 employees cut over the last 5 years

And you wonder why the 1% get a bad wrap???

loochy 02-27-2014 03:41 PM

Cutting unecessary jobs saves a lot of money.

He was probably being rewarded for cutting that crap out.

petegz28 02-27-2014 03:44 PM

Quote:

Originally Posted by loochy (Post 10457358)
Cutting unecessary jobs saves a lot of money.

He was probably being rewarded for cutting that crap out.

Actually JPM suffered a lot of pain last year and had to pay $100's of millions in fines because of bad business under Jamie Dimon.

Again though, you can rationalize it all you want, I am just pointing out that this is a problem for conservatives, like it or not, fair or not, right or wrong.

KC native 02-27-2014 04:14 PM

The cuts are coming from mortgage areas. That business has slowed up plus they are on the back side of the extra work load from dealing with the 07-08 crisis.

These cuts actually make sense.

BIG_DADDY 02-27-2014 04:32 PM

A great friend of mine is a President at JPM. He makes 350k a year before bonuses. If you are anybody there you are already the 1%. What you don't realize is there is a mass migration of intelligent large private money moving out of the brokerage space. Running a clean ship moving forward is what stock holders want and it is rewarded. I am not sure what the issue is here.

jaa1025 02-27-2014 05:09 PM

Quote:

Originally Posted by petegz28 (Post 10457354)
http://www.usatoday.com/story/money/...-cuts/5803057/

If you read the link you will see that the cuts net out to a 5,000 job cut. However as the link points out, they have laid off about 20,000 during the "recovery".

Now keep in mind that Jamie Dimon, head of JPM just received a 74% raise lifting his salary to the 9 figure range.

This is why you see the anger at the 1%. This is the culture that is being embraced by the establishment Repubs but plaguing the conservative right.

Nothing illegal about this, I agree. But this is a class A example of why people go over the the Dems on economic issues in search of what they consider to be justice. They won't find it there but that's not the point.

So let's recap:

Jamie Dimon gets 74% raise to $20 mil+
5,000 JPM workers get cut
20,000 employees cut over the last 5 years

And you wonder why the 1% get a bad wrap???

Umm this is not the doing of the Right. This is the left and always has been. They talk out of one side of their mouth and make policies that hurt the ones that they claim to help. It's only going to get worse for people under democratic leadership. Congrats for getting the country to where you like it.

HonestChieffan 02-27-2014 05:19 PM

Dimons salary was wacked a year before was it not?

chiefzilla1501 02-27-2014 05:27 PM

Quote:

Originally Posted by KC native (Post 10457412)
The cuts are coming from mortgage areas. That business has slowed up plus they are on the back side of the extra work load from dealing with the 07-08 crisis.

These cuts actually make sense.

The cuts may make sense.

What doesn't make sense is a guy who gets massive pay bonuses for navigating his way through a crisis he created.

petegz28 02-27-2014 09:25 PM

Quote:

Originally Posted by HonestChieffan (Post 10457537)
Dimons salary was wacked a year before was it not?

Not by 74%

petegz28 02-27-2014 09:26 PM

Quote:

Originally Posted by jaa1025 (Post 10457517)
Umm this is not the doing of the Right. This is the left and always has been. They talk out of one side of their mouth and make policies that hurt the ones that they claim to help. It's only going to get worse for people under democratic leadership. Congrats for getting the country to where you like it.

I agree, with the exception of the establishment Repubs, that is, but that isn't the perception. Which is my point.

chiefzilla1501 02-27-2014 09:33 PM

Quote:

Originally Posted by petegz28 (Post 10458053)
Not by 74%

It's a pretty good business model. Imagine if I, as a CEO, had 10 plants and decided to take a bunch of gasoline and burn 5 o them to the ground. In 10 years, I can get credited for rebuilding those plants. Whoopee!

It's not like we're talking about a guy who had a bad year. We're talking about a guy who contributed to the mortgage crisis and even after the crisis got caught in a mess that led to billions of dollars in losses.

loochy 02-27-2014 09:43 PM

Quote:

Originally Posted by chiefzilla1501 (Post 10457555)
The cuts may make sense.

What doesn't make sense is a guy who gets massive pay bonuses for navigating his way through a crisis he created.

Guess what? That's the fastest way to get a promotion at a lot of places. Make a problem and fix it.

KC native 02-28-2014 08:35 AM

Quote:

Originally Posted by chiefzilla1501 (Post 10457555)
The cuts may make sense.

What doesn't make sense is a guy who gets massive pay bonuses for navigating his way through a crisis he created.

Going to be a bit nitpicky here. JPM was one of the least culpable banks for the financial crisis (which is why they had the balance sheet to absorb Washington Mutual and others).

That being said, Dimon's pay package is atrocious especially considering the record amount of fines they've paid over the last 3-4 years.

blaise 02-28-2014 08:42 AM

What does his salary have to do with it? How do you know those positions aren't needed because they lost investors or custody clients?

KC native 02-28-2014 08:47 AM

Quote:

Originally Posted by blaise (Post 10458478)
What does his salary have to do with it? How do you know those positions aren't needed because they lost investors or custody clients?

They aren't needed because banks are off loading their mortgage servicing to 3rd parties so they can eliminate the risks of fines from shoddy business practices (like they're paying now).

Also, a big portion of it is due to working through a lot of the shit that was created during the 07-08 crisis. A friend of mine is working for BofA under that capacity and her department's head count has been halved since the beginning of 2013 because they've "worked" through most of the mortgages (work is in quotation marks because there is still a lot of bullshit being pulled by BofA and other banks in this area).


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