JP Morgan (JPM) Cans 3,000

More unemployed i-bankers:

Reuters: JPMorgan Chase & Co is cutting 10 per cent of its investment banking staff — about 3,000 jobs — as the economic slowdown starts to bite into its earnings, people familiar with the situation said on Thursday.

JPMorgan shares slid as much as 18 per cent as one analyst said the cuts could reflect greater-than-expected weakness at the bank, long seen as one of the industry’s few stalwarts through the credit crisis.

 

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