JP Morgan Chase launches major round of layoffs
Officials at JP Morgan Chase have launched a major round of layoffs in the firm's vaunted investment banking department, axing dozens of executives in an attempt to downsize the unit amid a massive slowdown in business, CNBC has learned.
JPMorgan Chase & Co said on Tuesday that it plans to cut 17,000 jobs by the end of 2014, representing about 6.6% of the company's overall workforce, as the bank sheds staff that helped it deal with bad home loans.