JPMorgan said to toss 10% of investment staff
By Andrew Coen
November 20, 2008
JPMorgan Chase & Co. is in the process of slashing about 10%, or 3,100, of its investment-banking staff members due to the effects of the credit crunch and economic slowdown, Reuters reported today, citing people familiar with the situation.
The New York-based bank already has let go at least six people in its equity sales unit, according to the report.
The news came on a day when the firm lost 20% of its stock value, closing down $5.28, or 18.55%, to $23.19.
It has been a busy year for JPMorgan Chase, who acquired troubled Wall Street giant The Bear Stearns Cos. Inc. of New York and Seattle-based Washington Mutual Inc. (InvestmentNews, Sept. 25).
Those additions increased the firms investment-banking staff to just under 31,000, Reuters said.
A JPMorgan Chase spokesman did not immediately return a call seeking comment.
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