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JPMorgan to Cut Investment Bank Staff
Updated from Thursday, Nov. 20
NEW YORK -- JPMorgan Chase (JPM Quote) is shedding about 10% of its investment bank staff in an effort to better weather the global economic slowdown.
The New York-based banking giant is making cuts that are likely to be in line with its competitors Goldman Sachs (GS Quote) and Morgan Stanley (MS Quote), said a person familiar with the matter on Thursday. The person spoke on condition of anonymity because the cuts have not been publicly announced.
JPMorgan's shares fell dropped $5.09, or 18%, to close at $23.38, and earlier reached $22.32 -- their lowest point since 2003. ...
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