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Friday, May 23, 2008
JPMorgan Begins Laying Off Investment Bankers
Ken Sweet
FOXBusiness
JPMorgan Chase has begun laying off employees within its investment banking division, sources told FOX Business.
Company officials said they are reducing head count partially because of slowdown in business along with its planned merger with Bear Stearns (BSC).The process started earlier this week and will continue through June 1.
There is no official number on the number of employees who will lose their jobs, but the numbers are “basically in line with the rest of Wall Street,” sources told FOX Business.
JPMorgan (JPM), along with the other major Wall Street banks, have been laying off employees since the subprime mortgage meltdown came nearly a year ago -- and slowdown in the economy hasn't helped. The Wall Street Journal reported last month that the number of jobs lost could be as high as 20% of the industry.
The story was originally reported by CNBC's Charlie Gasparino on Friday morning.
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