The banks don't love you...
Now before we all start going "Thanks Captain Obvious..." I was researching some old money i had in my collection and came across this article:
New York - Tuesday, JP Morgan bank announced plans to shed 4000 jobs or 1.5 percent of it's work force despite a return of profitability.
Last year, U.S. President Barack Obama said that JP Morgan is "one fo the best-managed banks there is" and called Chief Executive Jaimie Dimon "one of the smartest bankers."
Obama, whose net worth tops $11.8 million, most of which he has obtained during his time as President, held at least two accounts at JP Morgan as of last year.
The bank is set to shrink it's workforce with a focus on consumer banking and mortgages. Many of the lost jobs will be the result of layoffs however many more will come from attrition according to Reuters report.
During 2012, JP Morgan axed about 1200 jobs and the current jobs will be shed despite increased profits. The job cuts will shrink JPMorgan's work force by 1.5 percent and are part of the bank's larger cost-cutting campaign revealed in a presentation to investors Tuesday morning. JPMorgan previously announced plans to shed 13000 to 15000 jobs by 2014, suggesting there are more cuts coming.
JPMorgan Chase as a whole reportedly earning 21.9 billion last year, excluding accounting charges linked to changes in the value of it's debt. The bank said it has the potential to earn about 27.5 billion, thanks in part to efficiency gains. It aims to cut overall expenses by $1 billion in 2013.
And there you have it. The rich careth not as long as their falsehood returns to from whence it came.
Fuck you, bankers.
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