JP Morgan cuts 80-100 staff in Asia

JP Morgan cuts 80-100 staff in Asia

HONG KONG: J.P. Morgan Chase & Co Inc has let go 80-100 bankers, or about 20-25 percent of its investment banking staff, in about 15 Asian offices since January as part of a worldwide cost cutting plan, sources said.

The bank, whose profit sank more than 70 percent in 2001, declined to confirm exact staff departure figures on Thursday.

Sources said the layoffs included analysts, associates and vice presidents.

A source at JP Morgan said about 350 staff remain at its the investment banking unit, which includes corporate finance, mergers and acquisition, debt and equity capital markets and derivatives marketing.

The bank said it would also re-assign about 100, mostly junior bankers in Asia to a new "client solutions group", which will bring a team of bankers and product specialists in contact with corporate clients. --Reuters--