Thread regarding JPMorgan Chase & Co. layoffs

If you've been with JPM long enough you know this is nothing new to us - we go through cycles and things are moving down right now. Chase is very similar, they are used to layoffs too. When you look at the sectors affected you'll notice that the mortgage sector is being affected the most, cuts started right after the interest rates started to climb. It's a boom and bust business, when things are good everyone is happy, when things go south, well, people lose jobs. I noticed that PHH is also having a lot of hits on their layoffs site here, it's pretty much the same thing, they mostly do mortgages and they got hit really bad. So, overall February 2014 announcement is not that bad as we had much bigger layoffs historically. Things will at some point turn and we'll start to hire again. So, do not worry too much...