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JPMorgan Chase(JPM - Get Report) has been cutting down several businesses as it revamps its strategy.
The bank has been cutting a number of trading systems and eliminating jobs to cut costs. This year JPMorgan cut its trading platforms down from ten to five, and plans to further cut those platforms down to two by 2014. Consequently, the firm is also reducing the number of people conducting trades. This year alone those number shrunk from 3,000 to 1,700, according to
Here is City.
In addition, the bank is also eliminating a five person team at Highbridge Capital Management, which was managing $27 billion in assets. Even though the team had nearly flat returns in 2010, the bank's strategy the team was eliminated due to a change in "strategy," according to a report by
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