Updated from 10:10 a.m. EST
will likely cut around 12,000 jobs as it integrates the operations of
, the failed Seattle thrift it acquired late last year.
The Associated Press
, citing slides from an investor presentation on the company's Web site, said Thursday that the bank foresees around $2 billion in savings through the takeover, including roughly $1.35 billion from the workforce reductions.
The Wall Street Journal
said JPMorgan was close to a deal to sell Bear Wagner Specialists, one of the remaining
New York Stock Exchange
market makers, to a unit of
. The report cited people with knowledge of the situation and said the unit, Barclays Capital, wanted to combine Bear Wagner with its own NYSE market-making division.
The deal could be worth about $35 million, according to the report. Bear Wagner became part of JPMorgan after the company acquired
JPMorgan has been far and away one of the sturdiest companies throughout the continuing financial crisis. On Monday though, the company said it would
by 86% as a "precautionary step" to hold on to its capital. The move means the next quarterly payout will drop to 5 cents a share from 38 cents previously.
While its stock has fallen some 30% year to date, many of its fellow banks have fared much worse. JPMorgan rose 6.1% to $23.05 on what was overall a strong day for the financial stocks.
Elsewhere in the group,
Bank of America
gained 3.1% to $5.32, while
fell 2.4% at $2.46.
climbed 7.1% to $14.40.
was up 2.5%, but
was down 2%.
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