JP Morgan Chase Launches Major Round of Layoffs

Officials at JP Morgan Chase have launched a major round of layoffs in the firm’s vaunted investment banking department, axing dozens of executives in an attempt to downsize the unit amid a massive slowdown in business. People at the firm say at least two hundred executives were laid off over the past two days – a move unrelated to the firm’s recent purchase of Bear Stearns. A spokeswoman for JP Morgan confirmed the cuts and said many of the people leaving were junior bankers. Most firms have been cutting between 5 percent and 10 percent of their staff; the JP Morgan cuts may run deeper even though the bank hasn’t been stung as hard as other firms with losses related to investments in subprime bonds. And JP Morgan CEO Jamie Dimon is looking to cut even deeper into other areas of the firm’s workforce to reflect both the soured business conditions as well the addition of employees following the Bear Stearns purchase.

Leave a comment

No comments yet.

Comments RSS TrackBack Identifier URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s