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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