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JP Morgan next in line for big layoffs

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The London Telegraph thinks it has a scoop. Maybe it does. The paper claims that "People close to JP Morgan say it has begun consulting on the scale of job cuts but that it was likely to be on a comparable scale to those of rivals."

The paper is vague on how many people that will be. Is it 10% of the investment banking division, or 10% of the entire company? In the first case it would be a few thousand people but in the second it would be close to 25,000.

Either way, if JPMorgan Chase (NYSE: JPM) is making big cuts, it is noteworthy. Among the large U.S. financial firms, it is the one that stands out as having dodged most of the explosion that has done so much to cripple credit markets, in large part because it was better managed than the rest.

Mass layoff at JPM would indicate that even Jamie Dimon, the bank's CEO and something of a hero on Wall Street, has come to the conclusion that even strong management cannot save his firm from more tremendous losses.

That really is bad news.

Douglas A. McIntyre is an editor at 24/7 Wall St.

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Last updated: November 27, 2009: 11:49 PM

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