More Chase layoffs?
August 20, 2001: 8:15 p.m. ET

J.P. Morgan Chase reportedly cutting 3,000 more jobs, bringing total to 8,000
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NEW YORK (CNNfn) - Weak market conditions are forcing J.P Morgan Chase & Co. to cut as many as 3,000 more jobs, which would bring total job reductions to 8 percent of the company, a published report said Monday.

The Wall Street Journal interactive edition said J.P. Morgan will cut up to 8,000 jobs, up from previous estimates of 5,000 cuts, according to sources in the company.

J.P. Morgan (JPM: Research, Estimates) declined to comment.

The company will start cutting back-office positions such as tech workers when the integration of the J.P. Morgan and Chase Manhattan businesses are finished in 2002, the Journal said.

In December 2000, the company said it would cut 5,000 positions as a result of the merger. graphic


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