Banking giant JP Morgan to cut 3,000 job

As the economic slowdown haunts governments both at home and outside, job cuts remain the biggest worry.
New York-based banking giant JP Morgan is planning to cut 3,000 jobs that is 10 per cent of its banking staff.
According to reports, the cuts, which would be across all levels and regions, will be completed by as early as the end of this year.
There are also reports that JP Morgan will freeze salaries next year for most employees who earn more than 60,000 to 70,000 dollars.
These job cuts at JP Morgan are in line with other investment banking giants such as Goldman Sachs Group etc.