NY City Expects Bank Merger Will Create Job Losses for City

Big bank mergers almost always result in layoffs, and the deal announced Wednesday between J.P. Morgan Chase and Bank One Corp. will be no exception.

Executives from the companies said that at least 10,000 jobs will be eliminated, including an undetermined number from the New York area. J.P. Morgan Chase, headquartered in Manhattan, employs about 23,000 people in New York City and 5,400 on Long Island, out of a total work force of 93,000. Bank One, based in Chicago, employs 71,200 people. Most of Bank One's operations are in the Midwest and South. A spokeswoman said they had yet to determine how many jobs might be eliminated at J.P. Morgan Chase operations at Park Avenue headquarters, One and Two Chase Plaza downtown, the MetroTech banking and technology services office in Brooklyn.

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