Thursday, November 20, 2008
Chase to cut 3,000 investment banking jobs
Phoenix Business Journal - by Mike Sunnucks and Chris Casacchia
JP Morgan Chase is cutting the 3,000 investment banking positions companywide — about 10 percent of that financial unit — according to reports by Marketwatch and the Daily Telegraph (U.K) newspaper.
Chase spokeswoman Mary Jane Rogers declined to comment about the layoff reports and what impact investment banking reductions might have on the Phoenix market. “I cannot comment on speculation,” Rogers said.
Chase (NYSE:JPM) has a major presence in Phoenix and is one the dominant banks in the Arizona market along with Bank of America and Wells Fargo.
The financial sector meltdown and credit crunch have prompted other big banks and investment houses to reduce investment banking operations and staff. That list includes Citigroup and Goldman Sachs.
Related Industry News |
Latest News |
Most Viewed Stories |
Most Emailed Stories |
