JPMorgan Chase & Co. and Bank of New York Mellon Corp. announced separately Thursday that they plan to cut their work forces.
JPMorgan Chase plans to lay off about 10% of its investment banking staff, or about 3,000 people, as the global economy slides into recession, a person familiar with the bank said.
Bank of New York Mellon plans to cut about 4% of its work force, or 1,800 people, as record declines in global securities markets hurt profits.
JPMorgan Chase's cuts are to be global and include various groups within the investment bank, the person said, speaking anonymously because the news was not yet public.
JPMorgan Chase also plans to freeze base salaries next year for most employees who earn more than $60,000 to $70,000, another person said.
Tasha Pelio, a spokeswoman for JPMorgan Chase, declined to comment.
Dismissals at Bank of New York Mellon, which employs more than 43,000 people, were set to be announced today, said people familiar with the matter who asked not to be identified because workers had not been notified.
Kevin Heine, a BNY Mellon spokesman, declined to comment.