JPMorgan cuts investment banking jobs: sources

NEW YORK: JPMorgan Chase & Co is cutting about 10 per cent of its investment banking staff as the credit crunch and slowdown in the economy bite into bank earnings, people familiar with the situation said on Thursday.

The company will likely cut staff in line with competitors such as Goldman Sachs Group, which is cutting 10 per cent, the sources said.

On Thursday, JPMorgan let go at least six equity sales officials from its New York desk, according to one person familiar with the matter.

The bank declined comment.

JPMorgan is seen as one of the Wall Street survivors. It has not had to make the severe writedowns on mortgage-related assets that other banks have reported.

But the bank took on about 6,000 staff from nearly-insolvent Bear Stearns Cos in March and has also added staff through its acquisition of failed thrift Washington Mutual Inc.

In its third-quarter earnings statement, the bank said its head count was 228,452, including just over 40,000 from WaMu.