Spanish banking giant Santander, has announced that it plans to cut down 1,900 jobs in its three British arms in the coming year.

Earlier this year, Europe's second-biggest bank, Santander has acquired two banks .

According to reports, the company’s third quarter net profit rose 4.3 per cent to 2.2 billion euros.

JPMorgan Chase & Co, a leading worldwide financial services major, has announced that it intends to cut its investment banking staff by 10 percent, or about 3000 employees.

According to the sources, the company is taking this step to cope with the economic slump.

The sources further disclosed that JPMorgan shares slipped as much as 18percent as the lay offs could reflect greater-than-expected weakness at the bank.

The conglomerate is having assets of US$ 2.3 trillion and functions in more than 60 countries,

To cope with the financial crisis, Japanese Isuzu Motors has announced that it plans to cut down 1,400 jobs and slash domestic production by 10%.

According to the sources, the conglomerate will slash its Japanese production for the year to March 2009 to 249,000 vehicles, down 28,000 from the original target.

Isuzu's announcement is the latest in a series of jobs and production cuts by Japanese automakers and their foreign rivals as the worst financial crisis in decade's drives down demand.