Zerohedge, BI, Wall Street Head Hunter: ‘I Haven’t Seen Morale This Bad Since the Titanic’, here. if it gets worse, they stop with TItanic metaphor and move on to Aliens. Durden committed to Titanic at the outset but then mixes in some Aliens, Pink I calling first unmixed Aliens metaphor, here. People say that Tyler Durden gleefully drinks the tears of Wall Streeters in a concoction, made fresh each day at the close of business, called AMF (Adios Mother Fuckers).
And we are not talking selected surgial layoffs here and there. The mortgage industry: that bread and butter of banking Net Interest Margin-based operations, is about to be nuked from orbit.
J.P. Morgan, Bank of America, Wells Fargo and Citigroup already have cut more than 10,000 mortgage jobs this year, with plans for thousands more to come. J.P. Morgan is accelerating plans to cut as many as 15,000 jobs in its mortgage division by the end of 2014. All told, the number of employees in the industry will likely shrink by 25% to 30% over the next year, estimates Christine Clifford, president of Access Mortgage Research & Consulting, Inc., a Columbia, Md., mortgage research and consulting firm.