JPMorgan Chase & Co. disclosed Thursday that it is cutting its leveraged and structured finance staff.
Several brokerage companies have announced layoffs in the aftermath of the market turmoil this summer, but a spokesman for JPMorgan Chase said the company had cut only a "modest" number of positions "in areas where we expect lower volumes."
People familiar with the matter said the $1.5 billion-asset company is cutting up 10% of its leveraged staff and the same amount in its structured finance area, though no senior staff member are expected to be among them.
JPMorgan Chase is expected to report earnings on Wednesday, and several analysts have said they expect up to $2.1 billion in capital markets related writedowns. Investment banking was the company's strongest earnings driver in recent quarters.
