When it rains, it pours

That's not pouring compared to Citi and the like.

By Elizabeth Hester
Nov. 20 (Bloomberg) -- JPMorgan Chase & Co., the largest
U.S. bank, plans to fire about 10 percent of its investment
banking staff, or about 3,000 people, as the global economy
slides into recession, a person familiar with the bank said.
The reductions are in line with New York-based JPMorgan's
rivals, including Goldman Sachs Group Inc., which said it will
eliminate about 10 percent of staff. JPMorgan's cuts will be
global and include various groups within the investment bank,
the person said, speaking anonymously because the news isn't yet
public. Some employees at the New York-based firm have been
notified.
``There are aggressive cuts going on everywhere,'' said
Rupert Della-Porta, the London-based chief operating officer of
research firm Atlantic Equities. ``There are marked differences
between business conditions now and the forward views that even
the most conservative managers had. JPMorgan has to right-size
their business model.''
JPMorgan also plans to freeze base salaries next year for
most employees who earn more than $60,000 to $70,000, another
person said. Tasha Pelio, a spokeswoman for JPMorgan declined to
comment. JPMorgan's decision to fire employees was reported
earlier by the Sunday Telegraph and Reuters.

Deutsche Bank

Banks are bracing for tougher economic times as government
data show the recession may be prolonged. The index of leading
U.S. economic indicators fell in October for the third time in
four months, a report today showed. The index points to the
direction of the economy during the next three to six months.
Deutsche Bank AG, Germany's biggest bank, will cut about
900 jobs in its global markets division, people familiar with
the decision said yesterday. Those reductions, mostly in London
and New York, will be made in the so-called exotic structured
products, credit origination, and proprietary trading teams,
said the people, who declined to be identified before a formal
announcement.
So far this year, financial firms have eliminated almost
168,000 jobs worldwide and taken $966 billion in writedowns,
losses and credit provisions, according to Bloomberg data.
JPMorgan Chief Executive Officer Jamie Dimon said Nov. 12
the U.S. recession ``could be worse'' than the credit-market
crisis as unemployment rises and consumer credit worsens. The
number of Americans filing for unemployment benefits neared a
26-year high in the week ended Nov. 15, the Labor Department
said today.
Shares of JPMorgan, down 41 percent so far this year, fell
$2.75, or 9.7 percent, to $25.72 as of 1:20 p.m. New York time.

patient09..is your job in jeapordy, now or in the near future? How do you really feel about your job loss post?

I always feel in jeopardy, the nature of my being. This post is for information purposes only, do with it what you please. RE is not the only asset class that has ties to the local economy. I actually wish RE in NYC would rally huge, its in all of our best interests.i.e...tax collections, safety, cleanlinesss.etc...My greatest wish, is that prices adjust quickly, that way recovery can begin. However, there are simply too many dreamers out there. Therefore, I fear it will be a loooonnnng....drawn..out.....proceeeeess.