JPMorgan Prepares To Layoff 5-7% Of Workforce [REPORT]

JPMorganJoe Mabel [CC BY-SA 3.0], via Wikimedia Commons

FOX Business Network’s (FBN) Senior Correspondent Charles Gasparino reports JPMorgan is, “bracing for some degrees of layoffs over the next year” after CEO Jamie Dimon announced cost cutting efforts at the recent J.P. Morgan Healthcare Investment Conference in January.  Gasparino is hearing from sources inside the company, “ between five to seven percent of the work force could be cut. “

On layoffs at JPMorgan:

“Senior executives there are bracing for more than just cost cuts they are bracing for some degrees of layoffs over the next year and maybe longer depending on market conditions coming out of the commercial investment banking. The number that we are hearing across the board is something between five and seven percent of the work force could be cut.”

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