JPMorgan, the investment banking division of JPMorgan Chase, began what is believed to be a 10% reduction in its workforce yesterday.

The bank, which absorbed Bear Stearns several months ago, has managed to avoid most of the carnage in the financial services industry this year. The job cuts, which will happen across all divisions of the investment bank, could be close to 3,000. Currently the bank employs about 29,000 people.

According to the bank, its headcount reduction had begun in the equities department and would be followed by cuts in other divisions of the bank, including commodities, sales and trading and investment banking.

Financial Times