NEW YORK (Reuters) – JPMorgan Chase & Co (JPM.N) is cutting 10 percent of its investment banking staff -- about 3,000 jobs -- as the economic slowdown starts to bite into its earnings, people familiar with the situation said on Thursday.
JPMorgan shares slid as much as 18 percent as one analyst said the cuts could reflect greater-than-expected weakness at the bank, long seen as one of the industry's few stalwarts through the credit crisis.
....
The company will likely cut staff in line with competitors such as Goldman Sachs Group (GS.N), which is cutting 10 percent, the sources said.
On Thursday, JPMorgan let go at least six equity sales officials from its New York desk, according to one person familiar with the matter.
The bank declined comment. Its shares were down 12 percent at $25.01 in afternoon trade on the New York Stock Exchange after falling as low as $23.21 earlier in the session.
http://news.yahoo.com/s/nm/20081120/bs_nm/us_jpmorgan
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore