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Posts Tagged ‘JP Morgan to cutoof 3000 jobs’

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The world is facing the recession.As the economic condition globally goes worse, day by day,the companies are in fear to get into bankruptancy.Earlier it was Lehmann brothers and Meriyll Lynch which were the giant banking sectors of America announced their bankruptancy.

Many companies started to involve in cutting down their expenses and underwent all the strategies to save their company from downfall.In this line, now the banking giant of United States,JP Morgan has announced that it will reduce 10 percent of its workforce this year, i.e nearly 3000 employees will lose their jobs.After Goldman Sach’s layoffs,JP Morgan has announced this.Since there is no other option for the company to be financially strong in this economic gloom, they have to undergo firing the employees.

Moreover the company has announced that, they will freeze the salary of employees for the next year, who earned $60,000 to $70,000.These announcements made by JP Morgan will definitely have a great impact on the markets.

The economic gloom and the layoffs started to haunt the governments all over the world and especially India has started to feel the Buzz, since the IT companies here which are dependent on the financial sectors in United States, will be forced to loss, and the projects will be reduced affecting the outsourcing too.

The Unemployment in United States will also definitely have a significant impact on India and outsourcing might be cut down.Anyways lets hope the best to happen soon.

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