JPM: More JPMorgan Layoffs May Be on the Way

It has already announced thousands of job cuts this year

   

JPM: More JPMorgan Layoffs May Be on the Way

Battered by government regulators and global deleveraging, JPMorgan Chase (JPM) may be forced to shed a lot more jobs.

JP Morgan 300x199 JPM: More JPMorgan Layoffs May Be on the WaySources tell the New York Post that new JPMorgan layoffs could total up to 10,000 workers. Another round of JPMorgan layoffs would be in addition to the more than 8,000 job cuts the big bank has already announced this year.

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Since 2011, JPMorgan layoffs have pared 11% of its workforce, shrinking the banks payroll from 280,000 workers worldwide, to about 250,000 currently.

JPM forecasts trading revenues to drop 20% during the current quarter. Sources say that the bank is halting projects, a possible sign of impending JPMorgan layoffs.

Dick Bove, an analyst at Rafferty Capital Markets, says that JPM’s mounting problems could lead to CEO Jamie Dimon eventually jumping ship.

JPM stock gained slightly in Monday morning trading.

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