More Layoffs

cnbc

Where on CNBC?

I don't know about Citigroup, but here's something that came out yesterday (May 5th) about Morgan Stanley, JPMorgan and Lehman:

http://www.cnbc.com/id/24468578

Note that the first sentence of the article says:
"Wall Street is being hit by ANOTHER wave layoffs..."
implying that this is in addition to what was expected earlier in the year.

Of course, UBS's recent announcement of cuts doesn't help either.

JPMorgan May Cut 4,000 Jobs on Bear Merger, Market Decline

By Elizabeth Hester

May 14 (Bloomberg) -- JPMorgan Chase & Co., the third- largest U.S. bank, may eliminate 4,000 of its own staff as it brings on employees from the purchase of Bear Stearns Cos. and financial markets continue to deteriorate, a person familiar with the matter said.

Of the cuts, about 2,000 will be JPMorgan employees replaced by those who held the same jobs at Bear Stearns, the person said, declining to be identified because the decisions aren't final. As many as 2,000 other workers at the New York- based bank could be terminated as investment banking slows.

Chief Executive Officer Jamie Dimon said at a May 12 conference that JPMorgan found spots for 6,000 of Bear Stearns's 14,000 employees. He also told investors that fees from investment banking would be lower in the second quarter.

The integration of Bear Stearns was ``proceeding well,'' Dimon said, though he urged analysts to wait a year before judging whether the deal was a success. Once the fifth-biggest U.S. securities firm, Bear Stearns was forced to agree to the takeover on March 16 after customers and lenders fled because of speculation that the company faced a cash shortage.

The merger is expected to be complete around June 1. The cuts were first reporting by Reuters.

JPMorgan spokeswoman Tasha Pelio declined to comment.

To contact the reporter on this story: Elizabeth Hester in New York at ehester@bloomberg.net.

Last Updated: May 14, 2008 09:41 EDT

Saw this in the NYT today

http://www.nytimes.com/2008/05/16/business/16layoff.html?_r=2&ref=business&oref=slogin&oref=slogin

None of this will have any effect on the ever-increasing Manhattan real-estate market.

You guys just don't know what you're talking about.

"None of this will have any effect on the ever-increasing Manhattan real-estate market.

You guys just don't know what you're talking about."

Talking to yourself again I see.

Also from NYTimes.. Labor Report Shows Growth in Manhattan employment... understood that things always subject to change, but we're halfway through 2008, and it's still "so far, so good"....

http://www.nytimes.com/2008/05/16/nyregion/16jobs.html?_r=1&ref=nyregion&oref=slogin

Lehman Will Begin Cutting 5% of Workforce May 19, Person Says

By Elizabeth Hester and Yalman Onaran

May 16 (Bloomberg) -- Lehman Brothers Holdings Inc., the fourth-biggest U.S. securities firm by market value, will begin a new round of job cuts on May 19 and plans to shed 5 percent of its workforce, according to a person briefed on the matter.

The reductions would amount to about 1,400 jobs, on top of the 5,000 that the firm eliminated during the past 10 months, Bloomberg data show. Brian Finnegan, a spokesman for the New York- based company, declined to comment.

Banks and securities firms have eliminated 65,000 jobs as credit losses and writedowns stemming from the collapse of the subprime mortgage market have reached $342.9 billion. Lehman, led by Chief Executive Officer Richard Fuld, is seeking to weather the credit-market contraction by disposing of high-risk assets such as mortgage-backed bonds and relying less on borrowed money.

Lehman employed about 28,000 people as of Feb. 29. Shares of the investment bank fell 86 cents, or 1.9 percent, to $43.91 at 3:37 p.m. in New York Stock Exchange composite trading. The stock has dropped 33 percent this year.

The person with knowledge of the planned headcount reductions didn't say which Lehman units will be affected. The cuts were reported earlier by CNBC.

To contact the reporter on this story: Elizabeth Hester in New York at ehester@bloomberg.net; Yalman Onaran in New York at yonaran@bloomberg.net.

Last Updated: May 16, 2008 15:39 EDT

Morgan Stanley cuts 1,500 jobs: report

http://www.marketwatch.com/news/story/morgan-stanley-cuts-1500-jobs/story.aspx?guid=%7B26DE3CB1%2DB1D8%2D4A45%2DA730%2DF2854E6D1D98%7D

some of these reports say ther job cuts are between the US and europe, doesnt indicate how many in NYC

Enough are.

Just to let everyone know LICComent has declared the housing crisis over. Well not exactly, just in LIC. He has a great theory that inventory numbers do not apply to LIC because it is a developing area. He is also married to some new development that sold over 30 units in a week. The problem is that I can't find this building on this site. Perhaps the developer bought 20 of the units for family members.