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JP Morgan To Fire Thousands

|Includes:JPMorgan Chase & Co. (JPM)

Apparently the first round of job cuts of 15,000 was not enough for JP Morgan Chase - JPM - as they announce more.It seems that the U.S.mortgage business has drifted across two lanes and landed in a roadside ditch.I thought I heard someone say on CNBC that a housing recovery was in full swing,what happened? The latest cuts will be achieved through " attrition " which is a fancy way to say you are fired.Hey Gregg,I know you are only 38 years old but doesn't an early retirement sound good to you? It would if only the three young children had not been born already and were not hungry every day.As Mr.Dimon points his arrow at a number on a screen,keep in mind the job cuts will help levitate the stock price in the near term.How long before a one person bank branch awaits you on a sunny Saturday morning? Only the CEO of America's favorite bank has the answer to that question.Maybe Janet Yellen can mail your money request straight from the Federal Reserve.You know, cut out the middleman...

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: JPM