J.P. Morgan Seeks Suitor, Plans Cutback

Wed., Feb. 25, 1998

Compiled From Wire Services

J.P. Morgan & Co., smarting from trading losses in Asia and struggling to join the top tier of global investment banks, confirmed it is looking to merge with another financial services firm and will cut about 5 percent of its work force.

Joseph Evangelisti, a spokesman for the nation’s fourth-largest banking company, declined on Tuesday to specify how many jobs were being slashed.

But he said the reductions would involve about 5 percent of Morgan’s work force worldwide, which totaled 16,800 people at the end of 1997. That would mean as many as 840 jobs could be eliminated.

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J.P. Morgan Seeks Suitor, Plans Cutback

Jesse Tinsley

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