Legal Law

Scrooge McDimon's Struggle on Christmas

Jamie Dimon, CEO of JPMorgan Chase, who has already pushed his busy little elves back into the pestilential toy factory, has a little more vacation glee at 383 Madison Avenue: If you thought you could make up for your resumed path by this month call off the work, think again.

"It is clearly not going to be a long Christmas break for M&A bankers," said Albersmeier [Co-Head of Global Mergers Dirk]. "There is absolutely no evidence that this pace is slowing …" Albersmeier said the proliferation of blank check firms or special purpose vehicles has created a new and important group of buyers in the M&A market.

Getting busy over the festive season isn't the worst Christmas present, however, as Dimon and his colleagues are printing pink slips of paper all over the street for some very unfortunate stockings, says the spirit of the bleak Christmas future, Dick Bové.

"I see a 20 to 30 percent decline in jobs over the next few years that is likely to begin," Bove said later this year. "This is a long-term problem, but the coronavirus hasn't helped."

M&A Bankers Won't Get Long Christmas Break, Says JPMorgan [Bloomberg]Wall Street layoffs are a matter of when, not when, [Gasparino / N.Y. Post].

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