JPMorgan Chase (JPM) declined in pre-market trading, on reports that the company may cut thousands of jobs.
The stock was down 54 cents just before 8:45 am ET, sliding to $33.93. If pre-market losses hold, the stock will open at its lowest level since Thursday.
Sunday, Britain's Sunday Telegraph said that the U.S. investment bank JP Morgan is drawing up plans to cut thousands of jobs across its global operations from the beginning of next year.
The report, citing people familiar with the matter, said that the scale of the cut is expected to be similar to those of its rivals. In recent weeks, investment banks including Goldman Sachs, and Citigroup have said that they are likely to shed about 10% of their workforces. The proportion, when applied to JP Morgan, is likely to lead to elimination of about 3,000 positions globally.
The Telegraph said building services provider Wolseley and financial information provider Experian, are also expected to announce new cost reductions that will include job cuts, though the size of the cut is unclear.
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