BANKING & FINANCE - Jan. 27, 1995
<i> Times Staff and Wire Reports</i>
J.P. Morgan to Trim Payroll, Expenses: The nation’s fifth-largest bank, like other big Wall Street firms, must adjust expenses to compensate for dramatically lower profits from its trading and securities-related businesses. The bank said it has not targeted a specific number of jobs, but sources said the work force of 17,055 could be cut by 10%. J.P. Morgan & Co. has invested heavily in building its securities business for the past several years, but weak financial markets have reduced demand for financial services and caused profits from trading securities to plummet.
