JP Morgan CEO may exit bank amid growing problems

New York, May 12: Analysts are reportedly of the view that the CEO of JPMorgan, a leading financial services firm, may soon seek exit.

Analysts believe that the recent setbacks at the largest US bank, with 250,000 employees worldwide could force CEO Jamie Dimon to throw in the towel.

According to New York Post, as many as 10,000 more job cuts are on the table this year on top of previously announced layoffs – the brutal result of shrinking business and regulators prowling for blood.

Nancy Bush, a consultant and strategic adviser at NAB Research says that it’s just beginning to hit them over the head, adding that consumers have reduced their debt amid a massive global deleveraging that JPMorgan is caught up in.

Bush said that the government leveraged up to fill in that hole and is now going to start deleveraging and there’ll be layoffs at JPMorgan.

Referring to the acute regulatory oversight of financial players, Bush said that JPMorgan in particular has borne the brunt, adding that they have to decide what business is going to stay and what’s going to go, the report added. (ANI)