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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December 26, 2025 08:42 ET Third quarter economic growth data from some major economies including the U.S. were the main news in this holiday shortened week. GDP growth and industrial production data from the U.S. helped to boost morale, while the consumer confidence survey results were less upbeat. In Europe, the quarterly economic growth data from the U.K. drew attention, while the minutes of the Australian central bank’s latest policy session was in focus in Asia.