Tao of Pauly

JP Morgan to Cut 4,000 Jobs

I get this news from the NY Times. I wonder if I will get the ax in three weeks? Here's the article:

"NEW YORK (AP) -- J.P. Morgan Chase & Co. may cut as many as 4,000 jobs in the next few weeks as it deals with fallout from the collapse of telecommunications companies, according to newspaper reports.

Bank officials are currently drafting lists of layoff candidates, with many cuts expected to occur in investment banking departments, The New York Times and The Wall Street Journal reported Monday, citing unnamed company executives.

The affected divisions are likely to lose as much as 25 percent of their staff.

The layoff plan is expected to include employees who specialize in mergers and acquisitions, equity and debt underwriting and private banking. Most of the layoffs are expected to come from J.P. Morgan's offices in New York and Asia.

The bank announced last month that its third quarter results would be lower than expected, partly because of poor trading results and bad loans to telecommunications companies.

J.P Morgan has eliminated 10,000 jobs since its merger with Chase Manhattan Corp. in 2000."