JPMorgan May Cut More Staff

NEW YORK (Reuters) – JPMorgan Chase & Co (JPM.N: Quote, Profile, Research) staff were told last night there may be more job cuts to come, according to a person familiar with the situation.

At a town hall meeting, employees were told that while many cuts have already been made, “We are not sure it's over,” the person said.

In May, Reuters reported that JPMorgan could cut as many as 4,000 employees worldwide, as the bank prepared to take on staff from Bear Stearns Cos (BSC_pf.N: Quote, Profile, Research) while dealing with the turmoil in financial markets.

Roughly 2,000 JPMorgan employees are slated to be replaced by counterparts acquired through its takeover of Bear Stearns.

JPMorgan declined to comment.

(Reporting by Christian Plumb)