JP Morgan Fires 200 Executives to Counter Business Slowdown -- Shares Down
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[May 23, 2008]

JP Morgan Fires 200 Executives to Counter Business Slowdown -- Shares Down

(Midnight Trader Via Acquire Media NewsEdge) Boston, May 23, 2008 (MidnightTrader via COMTEX News Network) --

JPMorgan Chase & Co (JPM) is down nearly 2% in morning trading following reports that at least 200 executives, mostly junior bankers, are being fired today to cut costs in the face of declining investment banking business.

As many as 1,000 executives work in the firm's investment banking unit, putting the reduction at 20% at a minimum, a firm spokesman told the Associated Press.

Up to half of the mergers and acquisition department was fired, one executive told CNBC. Other Wall Street firms have made similar cutbacks, but none are as thought to have been as deep.



Price: 42.32, Change: -0.75, Percent Change: -1.74

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