J.P. Morgan set to fire 4,000 bankers -- report
Friday October 4, 6:32 pm ET
NEW YORK, Oct 4 (Reuters) - J.P. Morgan Chase & Co. (NYSE:JPM - News), the second-largest U.S. banking company, is set to fire 4,000 of its 20,000 investment bankers later this month, according to a published report.
Bloomberg News, citing people familiar with the situation, said the cuts will be made across divisions handling mergers and acquisitions, equity and debt underwriting.
A J.P. Morgan spokeswoman declined to comment on the report. The company indicated last month, however, that it might have to cut jobs, as it wrestles with steep loan defaults by cable and telecommunications firms as well as wrong trading bets.
Last month, J.P. Morgan warned that its third-quarter earnings would be well below their second-quarter level due to weak trading results and bad loans to telecommunications and cable firms.
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