Analysts anticipate more job reductions at J.P. Morgan & Co. after its move last week to cut 80 emerging markets employees.

Confirming Friday that it would eliminate those posts, which account for 10% of its emerging markets unit and 0.5% of the New York company's 16,000 employees, Morgan emphasized its goal of cost containment.

The cuts were announced just days after Morgan, which has $298 billion of assets to rank fourth among U.S. bank holding companies, reported disappointing earnings. It said cost reductions would have to offset foreign trading losses that crimped revenue.

Morgan announced a restructuring last February in which 850 employees were to be dropped. It said at the time that the money saved would be reinvested in growth businesses.

Last week Morgan said it would work to exceed its cost-saving projections. The company said it hopes to save $400 million a year, beginning in 1999.

"They now have a sober view of short-term revenue projections," said David Berry, research director at Keefe, Bruyette & Woods Inc. "I think you'll see a lot of banks withdrawing from global markets."

Mr. Berry said he does not anticipate another across-the-board job reduction. And analysts said they could not project how many more jobs Morgan might cut.

"I am more interested in seeing how the expense base will be reconfigured," said Diane Glossman, an analyst at Lehman Brothers.

Ms. Glossman said that an 80-person cutback in emerging markets is in line with what Morgan said it would do but that those layoffs would have a minimal impact on the company's troubled foreign activities.

"There will be people laid off, but I don't think they will be closing offices," the analyst said.

"The statement now is that the pace of reinvestment is being slowed," she added. "Not all that money is being reinvested. Instead, they're pulling people out and cutting expenses."

"Much of it is going to depend on what the countries do," said Joan Goodman, an analyst in the Pershing division of Donaldson, Lufkin & Jenrette Securities Corp., referring to the deterioration in foreign markets.

Ms. Goodman said Morgan's problems are about two years from being resolved. She described the 80-employee cutback as a small step.

Releasing third-quarter earnings last week, Morgan chairman Douglas A. Warner 3d said the company is "aggressively adjusting" to a broad economic slowdown.

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