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Politics : Formerly About Applied Materials

AMAT 252.25

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Nov 28 9:30 AM EST

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To: StanX Long who wrote (63362)	5/2/2002 1:33:52 AM
From: StanX Long	Read Replies (1) of 70976

J.P. Morgan Cuts 100 Bankers in Asian Reorganization (Update2) By Rob Stewart quote.bloomberg.com Hong Kong, May 2 (Bloomberg) -- J.P. Morgan Chase & Co. said it cut more than 100 investment bankers in Asia, about 23 percent of the total, and shifted more than 100 of its remaining junior bankers into a new client solutions group. Lehman Brothers Holdings Inc., Credit Suisse First Boston and Goldman Sachs Group Inc. have all cut staff in Asia in recent months. In Asia ex-Japan, takeovers slumped by more than half to about $25 billion in the first quarter, the lowest level since 1999, while share sales fell about 5 percent, according to Bloomberg data. That means lower fees for investment banks. ``The bank has downsized to quite a lean and mean structure,'' said Peter Chau, who helps manage $1 billion at TAL CEF Global Asset Management Ltd. in Hong Kong. ``Still, it's hard to say if the restructuring will be successful -- while firing staff will cut costs and help the company survive longer, it remains doubtful if the deals will follow.''

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