Bloomberg News

JPMorgan’s Staley Expects Net Headcount Reduction of 700 in 2012

February 28, 2012

JPMorgan Chase & Co. (JPM) Investment Bank Chief Executive Officer Jes Staley said he expects a net heacount reduction of about 700 in 2012.

Staley, speaking at the New York-based company’s investor day conference, said most of the cuts will come from the technology group and consultants as they finish the business’s “reengineering program,” which he called the unit’s most important initiative.

To contact the reporter on this story: Michael J. Moore in New York at

To contact the editor responsible for this story: Steve Dickson at

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