JPMorgan yesterday made the most dramatic move yet in a wave of retrenchments hitting the regional investment banking industry as it laid off up to 300 staff in its corporate finance division covering Asia excluding Japan, according to sources close to the situation.
The cutbacks covered staff at all levels, from managing director to secretary, the sources said.
They came as part of more than 2,000 job losses announced by the bank last night as it unveiled a 91 per cent profit plunge in the third quarter.
The bank had about 530 investment banking staff in the region, including Australia, and had cut the number to about 230.
JPMorgan spokeswoman Kathleen Kenney Lucente described the 300 job losses as 'inaccurate' and 'inflated' but refused to give an official toll.
'We don't comment on specific numbers,' Ms Lucente said.
