JP Morgan Chase began laying off employees today, according to a person familiar with the matter. Cuts today came in the Technology, Media & Telecom and the Derivatives Collateral Management groups, the person said. Tomorrow cuts are expected in the Syndicated Leveraged Finance group and the public finance group. Further cuts are expected among analysts and associates, especially in the Chicago office.
For many of these groups, this is the second round of deep layoffs this year. After the merger with Bear Stears, JP Morgan made cutbacks in several groups, including public finance, that overlapped with areas in which Bear was strong.
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