JPMorgan Chase & Co (JPM) plans to cut about 3,000, or 10% of its investment banking staff, to tackle with the global economy downturn, reports said.
The job cuts are expected to be complete by the end of 2008 and follow suit with such cuts made by rival Goldman Sachs. Sources noted that the cuts will affect all levels, asset classes, and geographies.
Meanwhile, a report said that JPMorgan is also planning to freeze base salaries next year for most employees who earn more than $60,000 to $70,000.
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.