Washington, DC: New York-based banking giant JP Morgan Chase & Co is planning to cut about 3,000 or 10 per cent of its investment banking staff to tackle with the global economy downturn.
Shares of JP Morgan Chase & Co sank by about 10 per cent on Friday.
The broad-based cuts across all levels will be completed by the end of 2008.
Meanwhile, the economic forecast worsened as the Federal Reserve reported that activity weakened across the United States in September as consumers and businesses grew more pessimistic.
The report known as the Beige Book, which is published eight times a year on conditions in the central bank's 12 regions, showed consumer spending and manufacturing had decreased in most areas.
The president of the San Francisco branch of the Federal Reserve, Janet Yellen, said she believed the United States had already fallen into recession.
The dark cloud over the US stock exchange has spread around the world.
(With inputs from IANS)
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