JPMorgan Chase slashes investment banking execs

CNBC reports that JPMorgan Chase 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 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

Related Articles:
Stealth layoffs hitting Wall Street
More layoffs coming? Lehman cuts deeper
Citigroup to begin layoffs, stock attractive?
Employment situation worsens in NYC