The latest round of gallows humor features an email saying that JPMorgan is cutting 120% of its workforce. The gag email, making the rounds in the market, says that after the bank lays off all of its staff, it will cut an additional 20% through external reductions cutting staffers at rival banks. Firms picked by JPM as "External Reduction Targets," or ERTs, include Goldman Sachs, UBS Warburg, Citigroup and Credit Suisse First Boston.
