'They have to decide what business is going to stay, what’s going to go'.
JPMorgan is on the ropes.
The New York Post reports that as many as 10,000 more job cuts are on the table this year on top of previously announced layoffs — the brutal result of shrinking business and regulators prowling for blood, the newspaper has learned.
The latest setbacks at the largest US bank, employing 250,000 worldwide, are so stark, they could force CEO Jamie Dimon to throw in the towel, analysts say.
'It’s just beginning to hit them over the head', said Nancy Bush, a consultant and strategic adviser at NAB Research. She believes JPMorgan is also caught up in massive global deleveraging, which is shrinking the entire financial system — and it’ll reverberate through trading markets. 'Consumers have reduced their debt', Bush said. 'The government leveraged up to fill in that hole and is now going to start deleveraging. There’ll be layoffs at JPMorgan'.
Wall Street is also in the sights of lawmakers. 'JPMorgan in particular has borne the brunt', Bush said, referring to the acute regulatory oversight of financial players, 'and they have to decide what business is going to stay, what’s going to go'.
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