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IN BRIEF / FINANCIAL SERVICES

J.P. Morgan Chase to Cut 8,000 Jobs

August 21, 2001|Associated Press

J.P. Morgan Chase & Co., the country's second-largest bank, will cut 8,000 jobs because of sluggish market conditions, up from previously announced plans to eliminate about 5,000 positions, Dow Jones Newswires reported.

The reduction would represent about 8% of the bank's work force of about 100,000, Dow Jones reported. Company spokesman Joe Evangelista declined to comment on the report.

Dina Dublon, the company's chief financial officer, said last month that cuts would significantly exceed the original 5,000 figure but did not provide a specific number.

Shares of J.P. Morgan Chase fell 39 cents to $41.09 in NYSE trading.

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