J.P. Morgan to Cut Another 5% of Its Staff

J.P. Morgan & Co., the fourth-largest U.S. bank, will cut about 5% of its staff by the end of the year as slowing global markets reduce its profit, sources said. The company, with about 16,200 employees, is cutting more than 700 people through a combination of firings and attrition in most departments, including emerging markets, investment banking, asset management and private client services, the sources said. The New York-based bank said in October it would cut staff after reporting a 69% drop in third-quarter profit. The latest layoffs would come on top of cuts totaling 5% of its work force earlier this year. The overall cuts will reduce expenses by more than $500 million next year, analysts said. J.P. Morgan shares fell $4 to close at $99.75 on the New York Stock Exchange.