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Old 02-27-2014, 03:39 PM  
petegz28 petegz28 is offline
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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???
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Old 02-27-2014, 03:41 PM   #2
loochy loochy is offline
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Cutting unecessary jobs saves a lot of money.

He was probably being rewarded for cutting that crap out.
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Old 02-27-2014, 03:44 PM   #3
petegz28 petegz28 is offline
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Originally Posted by loochy View Post
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.
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Old 02-27-2014, 04:14 PM   #4
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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.
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Old 02-27-2014, 04:32 PM   #5
BIG_DADDY BIG_DADDY is offline
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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.
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Old 02-27-2014, 05:09 PM   #6
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Quote:
Originally Posted by petegz28 View Post
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.
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Old 02-27-2014, 05:19 PM   #7
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Dimons salary was wacked a year before was it not?
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Old 02-27-2014, 05:27 PM   #8
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Quote:
Originally Posted by KC native View Post
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.
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Old 02-27-2014, 09:25 PM   #9
petegz28 petegz28 is offline
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Quote:
Originally Posted by HonestChieffan View Post
Dimons salary was wacked a year before was it not?
Not by 74%
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Old 02-27-2014, 09:26 PM   #10
petegz28 petegz28 is offline
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Quote:
Originally Posted by jaa1025 View Post
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.
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Old 02-27-2014, 09:33 PM   #11
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Originally Posted by petegz28 View Post
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.
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Old 02-27-2014, 09:43 PM   #12
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Quote:
Originally Posted by chiefzilla1501 View Post
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.
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Old 02-28-2014, 08:35 AM   #13
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Quote:
Originally Posted by chiefzilla1501 View Post
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.
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Old 02-28-2014, 08:42 AM   #14
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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?
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Old 02-28-2014, 08:47 AM   #15
KC native KC native is offline
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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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