JP Morgan joins RBS and Goldman Sachs with severe job losses on 100 Mortgages

JP Morgan the US bank has followed other banks in the city including Royal Bank of Scotland (RBS), Citigroup and Goldman Sachs by announcing a global review putting thousands of jobs at risk, although they have not at the point decided on the extent of the job losses.

According to a JP Morgan source “Banks are being forced to right-size their businesses as they face the fact that clients are going to be doing a lot less business over the next 12 months,” With banks being forced to down-size their businesses with 2009 continuing to look gloomy with clients doing a lot less business they have been left with no alternative but to make staff cut-backs according to some analysts.

JP Morgan is set to make up to 3,000 employees or 10 percent of its global workforce redundant according to market analysts.

The global review is expected to be completed by the end of 2008 with the job losses following in the subsequent months, CEO of JP Morgan Jamie Dimon said that the bank had spent more money than they had anticipated cleaning up Bear Stearns balance sheet after they brought it.

Source: Telegraph

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