Bear Analysts Irked By Severance Memo

Rob Ottinger of the Ottinger Firm, a legal firm that specializes in severance negotiations, called JPMorgan's severance package "generous," saying most big banks only offer two weeks of severance per year the employee worked for the company. He questioned, however, how JPMorgan could afford such a large payout, given the disruptions in the financial market.

"It seems highly unusual. I didn't think they had that much money to play with," he says.

Ottinger said the generous package seemed to signal either a guilty conscience or the desire to keep well-connected, soon-to-be ex-employees silent. Once they agree to the package, they are committed to not speak about it.

"They want the silence and not to be sued," said Ottinger.