SUBSCRIBE TO TMCnet
TMCnet - World's Largest Communications and Technology Community

TMC NEWS

TMCNET eNEWSLETTER SIGNUP

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

Copyright (C) 2008 MidnightTrader.com. All rights reserved.
Unauthorized reproduction is strictly prohibited.

[ Back To TMCnet.com's Homepage ]







Technology Marketing Corporation

35 Nutmeg Drive Suite 340, Trumbull, Connecticut 06611 USA
Ph: 800-243-6002, 203-852-6800
Fx: 203-866-3326

General comments: tmc@tmcnet.com.
Comments about this site: webmaster@tmcnet.com.

STAY CURRENT YOUR WAY

© 2017 Technology Marketing Corporation. All rights reserved | Privacy Policy