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Pam and Russ Martens: Traders flee JPMorganChase and Bloomberg can't figure out why
By Pam and Russ Martens
Wall Street on Parade
Thursday, November 18, 2021
Last Thursday, Hannah Levitt of Bloomberg News published a report about a large trader exodus at JPMorgan Chase. She wrote:
"... By this fall, many of the team's heaviest hitters had gone.
"The setting wasn't some struggling investment bank. It was the equity derivatives desk inside the mighty JPMorgan Chase & Co. -- one of many pockets of employee turnover that have erupted there in recent months, keeping the company's recruiters busy."
... Dispatch continues below ...
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That article was published at 8 a.m. By 11 a.m. Bloomberg News was finessing that negative article with another article by Brian Chappatta, which appeared to be an attempt to boost both the bank's reputation as well as that of its chairman and CEO, Jamie Dimon. Chappatta wrote:
"Even with competitive pay and the bank's prestige, departure rates in many of its businesses are reportedly up at least a few percentage points from pre-pandemic levels. It stands to reason that much of corporate America is dealing with similar issues. After all, if CEO Jamie Dimon isn't impervious to labor market forces, no one is."
If JPMorgan Chase has any "prestige" left, it's in no small part because Bloomberg News has failed to adequately report on the seven-year crime spree at the bank that has garnered it five criminal felony counts to which it admitted and a rap sheet that is likely the envy of the Gambino crime family. Dimon was at the helm of the bank throughout these serial crimes. ...
... For the remainder of the report:
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