Too Many Names On The Payroll

February 27th, 2009

I think it’s safe to say everyone saw this coming.

JPMorgan Chase & Co (JPM.N) said it is cutting up to 14,000 jobs, more than previously disclosed, as it tries to reduce costs in the face of a slumping economy and higher credit losses.

The second-largest U.S. bank on Thursday said it now expects to shed as many 12,000 jobs from integrating the former Washington Mutual Inc (WAMUQ.PK), up from 9,200 announced in December. It also expects to cut up to 2,000 investment banking jobs.

You cannot gobble up an entire company without ending up with too many people on the payroll.

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