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JPMorgans, which merges with Bear Stearns in June, said it plans to cull more than half (55 per cent) of the investment banks staff, reports the Times.
Bear Stearns was on the brink of financial ruin recently following an exodus of customers and lenders.
In the last ten months, around 65,000 jobs have been lost at the world's largest banks and securities firms. Data from Bloomberg estimates that the cost of mortgage losses and writedowns has swollen to £193 billion.
The Times also reported in February that 40 per cent of employers plan to make redundancies over the next three months.
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