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JPMorgan Investment Bank Reduces Workforce, Compensation Costs

JPMorgan Chase & Co. reduced its investment-bank workforce by almost 4 percent in the third quarter and cut employee compensation costs 28 percent as the division grappled with fallout from the European debt crisis.

The investment bank had 1,101 fewer employees at the end of September than three months earlier and will continue to shrink its staff of 26,615, Chief Executive Officer Jamie Dimon, 55, told reporters on a conference call after releasing third-quarter earnings today.