CNBC reports that JPMorgan Chase [1] has axed a lot of investment bankers, reflecting the realities of the market. About 200 executives were cut. The move apparently is unrelated to Bear Stearns [2] integration. Many of those cut were junior bankers, an executive told the news service. The mergers and acquisitions team supposedly took the biggest cuts--"as many as half the people... were told they no longer have jobs." One could argue that this marks one of the most severe head-loppings in quite a while, but that's hard to gauge. If stealth cuts could somehow be figured in, these cuts may look comparable. Most think there are more to come.  

For more:
- here's the CNBC article [3]

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