Major Layoffs Begin at JP Morgan Chase
A major round of layoffs at JP Morgan Chase have begun in the firm's vaunted investment banking department, letting go dozens of executives in an effort 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.
JP Morgan executives have said they would cut JP Morgan people to make room for Bear Stearns
executives they want to keep.
A spokeswoman for JP Morgan confirmed the cuts and said many of the people leaving were junior bankers.
Source: Source: CNBC | Published on May 23, 2008
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