JPMorgan's Ax Man

Well known for his love of the ax, JPMorgan CEO and cost cutter extraordinaire Jamie Dimon has begun to trim the fat from his new (and hopefully) improved investment bank. Within the past two days, 200 executives were shown the door. And rumor has it that when the ax is done coming down, 50 percent of all investment banking employees, including half of the first-year analyst class, will be gone.

So far the cuts have mostly affected junior bankers and have included half of the firm’s M&A department. They're the result of lackluster business and not the acquisition of Bear Stearns. They're also far from over.

As the end of the month and the beginning of a new era at JPMorgan approaches – the Bear Stearns deal is supposed to officially close by June 1 – expect hundreds of more JPMorgan employees walking to the train and their cars with pink slips and resumes in hand.