“That is why I’m richer than you.” – WSJ Story Summary

J.P Morgan to Cut 17,000 Jobs

Big Real-Estate Firms Are Going to School

Cablevision sues Viacom for Bundling Channels

The quote in the title comes for the J.P. Morgan story. CEO James Dimon was “characteristically feisty on Tuesday, telling on analyst who questioned him about capital ‘that is why I’m richer than you.'” J.P Morgan is indeed doing well: “for 2012, it reported a net income of $21.3 billion, up 12 percent from last year and a company record.” But J.P. Morgan announced Tuesday that it was planning to cut 17,000 jobs by the end of next year and reduce expenses by at least $1 billion annually. Low interest rates on profits from lending and investing are effecting financial companies everywhere and are probably what led to J.P. Morgan’s decision.  Costs could have been a factor as well; they’ve risen three percent. “The majority of J.P. Morgan’s cuts in 2013 and 2014 will come from its 45,000-person mortgage group.” Mortgages will still be a core product. J.P. Morgan also plans on a net of roughly 200 more branches in 2013 and 2014.