J P Morgan Lay off Job Cut: may fire 3000 employees

Another financial giant is going to go for a big Job Cut or Lay off. It's the JP Morgan, another wall street bank which is into the business of investment management and other financial activities which has decided to go for a job cut. It may go for the Lay off or job cut very soon.

The news of around 3000 Job Cuts by J P Morgan went otherwise for the share prices, which went down the its lowest prices in the last 5 years.

How many employees will be affected by the J P Morgan Lay off Job Cut
There may be around 3000 lay offs, which will constitute around 10% of the global work force of JP Morgan.

At what level and which regions will J P Morgan Lay off Job Cut be done?
As per the news source, the Lay off will be done at all levels and in all geographical regions.

What are the reasons for J P Morgan Lay off Job Cut?
Witnessing what is happening in the US markets since January 2008, does anyone need any reason for why companies in the financial sectors are going for lay offs? It's all the credit crunch, the market pressure and mounting losses.In recent calls with investors and analysts, JPMorgan's Chief Executive Jamie Dimon warned about possible losses from exposure to consumer debt.

What is the employee strength of J P Morgan as of now?
Recently, JPMorgan's investment bank had about 31,000 employees, including around 6,000 added with the acquisition of Bear Stearns Cos. in March. The bank has also added about 40,000 staff through its acquisition of failed thrift Washington Mutual Inc. At the end of September, the bank's total head count was 228,452.

Will the J P Morgan Lay off Job Cut affect any salaries?
Yes, There are news that JPMorgan may freeze the base salaries for the coming year for most employees who earn more than $60,000 to $70,000.

Let's hope that alternative jobs are available to the affected employees of J P Morgan Lay off Job Cut.