New York - JP Morgan Chase will cut about 3,000 jobs in its investment banking division as a result of the global financial crisis, a report said Thursday. The layoffs would hit about 10 per cent of the division and some employees had already been given notice, Bloomberg financial news reported citing a person familiar with the matter.
JP Morgan Chase, the largest US bank, had not been as hard hit as many other financial firms by the crisis, reporting falling earnings but remaining in the black.
Worldwide the banking industry has cut more than 200,000 positions.
