JP Morgan to cut 3000 jobs, freeze salaries

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Updated: 22/11/2008 | 10:34 AM IST

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NDTV Correspondent

Saturday, November 22, 2008 (New Delhi)

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As the economic gloom spread across the globe, the list of companies cutting jobs is growing steadily and the latest to join the bandwagon is New York-based banking giant JP Morgan which is looking to slash 3,000 jobs.

The job cuts, which would be across all levels and regions, will be completed by as early as the end of this year. According to reports, Morgan is planning to slash 10 per cent of its banking staff.

There are also reports that JP Morgan will freeze salaries next year for most employees who earn more than $60,000 to $70,000.

These job cuts at JP Morgan are in line with other investment banking giants such as Goldman Sachs Group etc.

The growing spectre of economic doom and gloom has started haunted governments both in India and worldwide and at the moment reduction in workforce remain the biggest worry.