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JPMorgan Chase to eliminate 14,000 jobs

2009-02-26 23:03:05 (GMT) (Caymanmama.com - Business News)

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Banking giant, JPMorgan Chase & Co has announced its plans to cut nearly 14,000 jobs

Sacramento, California (CaymanMama.com) –No company, regardless of size, is immune to lay offs and downsizing. Banking giant, JPMorgan Chase & Co has announced its plans to cut nearly 14,000 jobs.

This number is more than previously stated, as the company makes attempts to reduce expenses to combat the banking slump and credit losses.

The second-largest U.S. bank said it now expects to cut as many 12,000 jobs from integrating the former Washington Mutual Inc, up from 9,200 announced in December. It also plans to slash approximately 2,000 investment banking jobs.

According to Reuters, “JPMorgan announced the cuts in an all-day presentation to investors. The reductions are intended to help the New York-based lender weather the current economic turmoil, as its customers struggle with falling house prices, tight credit and increasing mortgage and credit card defaults.”

In the meantime, JPMorgan’s investment bank plans to condense its 28,000-employee staff to between 26,000 and 27,000 by the end of 2009. The cutbacks will be focuses mainly in technology and infrastructure, the unit’s co-chief executive, Steve Black, said.



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