Credit crunch-inspired pink slips are picking up on Wall Street.
may cut at much as 10% of its staff in areas focused on leveraged loans and structured credit, according to people familiar with the moves.
JPMorgan spokesman Brian Marchiony confirmed the cutbacks but was unable to say how many staffers comprise that area of the New York-based bank. The units being trimmed are part of its investment bank group, which has more than 25,000 staffers, according to a recent public filing with the
Securities and Exchange Commission
Some of the displaced staffers could be redeployed into other growing areas of the bank's business such as commodities, one person familiar with the moves said.
JPMorgan has been a big underwriter of structured debt, including leveraged loans and debt collateralized by mortgage loans. The investment bank may be facing a $2 billion writedown, according to an October analyst report at Sanford C. Bernstein.
JPMorgan is not the only investment bank facing big job cuts.
have said in recent weeks they'd be aiming to slash jobs as well.