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JPMorgan Chase to fire 3,000 more in investment banking

Bank says market has deteriorated and sees the downturn lasting into 2002

JPMorgan Chase is firing up to 3,000 more staff from its investment banking division in the most severe cutbacks yet in the industry this year. The cuts are in addition to the 3,000 staff laid off since the beginning of the year following the merger between JP Morgan and Chase Manhattan.

Geoff Boisi, co-chief executive of JPMorgan Chase's investment banking division, delivered the news to his staff by leaving them a detailed recorded voicemail message.

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