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J.P. Morgan set to fire 4,000 bankers: report

http://biz.yahoo.com/rf/021004/financial_jpmorgan_2.html

NEW YORK, Oct 4 (Reuters) -- J.P. Morgan
Chase & Co. the second-largest U.S. banking
company, is set to fire 4,000 of its 20,000
investment bankers later this month,
according to a published report.

The cuts will be made across the bank
including its divisions handling mergers and
acquisitions and equity and debt
underwriting, a Bloomberg News article said
on Friday.

A J.P. Morgan spokeswoman declined to comment
on the report. The company indicated last
month, however, that it might have to cut
jobs, as it wrestles with steep loan defaults
by cable and telecommunications firms as well
as wrong trading bets.

Last month, J.P. Morgan warned that its
third-quarter earnings would be well below
their second-quarter level due to weak
trading results and bad loans to
telecommunications and cable firms.J.P.
Morgan, along with other investment banks,
has been stung by the slack economy and weak
markets, after a boom in initial public
offerings and mergers and acquisitions fueled
bank expansion during the late 1990s.

In addition, J.P. Morgan has been tarred by
financings it set up for bankrupt energy
trader Enron Corp., as well as losses in
Argentina.

Its shares fell $1.08, or more than 6
percent, to close at $16.54 in Friday trading
on the New York Stock Exchange, its lowest
level since 1995. Its shares are off 54
percent this year.