Monday, October 07, 2002

J. P. Morgan Chase Plans Big Job Cuts J. P. Morgan Chase is planning to cut as many as 4,000 employees, including many managing directors, from its investment banking operation over the next several weeks, executives with the firm said yesterday. The executives said that William B. Harrison, J. P. Morgan's chief executive, had instructed his top lieutenants several weeks ago to draft lists of possible candidates to be dismissed and has now directed them to be ready to lay off 10 percent to 25 percent of certain groups within the firm. J. P. Morgan has some 20,000 employees worldwide. 11:55:29 AM  Google It!  comment  []

Layoffs ahead at J.P. Morgan J.P. Morgan Chase, which warned last month it would be cutting jobs to save money, is reducing its investment banking staff by as much as 20 percent, according to a person familiar with the situation. Merrill Lynch, the biggest full-service brokerage in the United States, was also preparing further job cuts, sources told Reuters. Merrill, which currently employs more than 50,000 staff, has already cut around 15,000 workers in the past year. The reduction of about 4,000 of J.P. Morgan's roughly 20,000 investment bankers will come this quarter, the source said. 7:33:40 AM  Google It!  comment  []