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,

According to the reports, the firm is a leading player in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity.