CNBC reports that JPMorgan has started to axe staff in what is being described as a 'major round of layoffs'.

Up to 2,000 JPMorgan staff are likely to go as a result of the acquisition of Bear Stearns, and another 2,000 may be laid-off because of the current market downturn. And, according to CNBC, the cuts at JPMorgan have started near the top. Unnamed people at the firm have said that up to 200 of the investment banking unit's executives have been let go this week, including as many as half the senior staff in M&A. A spokesperson for the firm confirmed that cuts had been made, but insisted that the figures included many junior bankers.

Financial News reports that Jeffrey Mayer, the co-head of fixed income over a Bear Stearns, is said to have turned down a $27m job offer to go work for JPMorgan. Clearly he has something more compelling up his sleeve.

The Wall Street Journal reports that the owner of the property on Madison Avenue, New York, where Bear Stearns built its corporate HQ is suing the firm, claiming that it had the right to make the first offer for the building. JPMorgan is also a defendant in the lawsuit, which claims that 'at no time did Bear Stearns even attempt to honor its contractual duties to the plaintiff, which would have required providing plaintiff with notice of the potential agreement with JPMorgan and engaging in negotiations with plaintiff relating to the purchase of the building'. The newspaper also reports that Merrill Lynch has restarted talks with the local authorities about the construction of a new HQ building at the World Trade Center site.

The Financial Times has been busy interviewing former Citi CEO Sandy Weill. Speaking about the way in which he passed the succession on to Chuck Prince (he left the company with his tail between his legs a few months back), Weill said: 'I would not give myself very good grades on that (working with his board to devise a succession plan)'. Weill said that he and the board should have fostered more competition among the executive ranks for the CEO role, rather than just tapping Prince on the shoulder.

Finally, Bloomberg reports that UBS has confirmed that it is to sell new shares at a 31% discount to Wednesday's share price, in order to raise an additional $15.1bn of capital to beef up its balance sheet.

Please use the 'E-Mail' button immediately under the article title to send this item to a friend.

Press here to comment on this story >>

Today in Life: Lars and the Real Girl >>

TODAY

• Top Firm Really On The Ropes Now
• Concerns Grow Over Big Bank Failures (One Or Two 'Whoppers' Likely)
• The 'Doughnut' Bonus Poll - The Results

THIS WEEK

• Another Major Firm's Going Belly Up
• My Firm's Hiring Freeze Is Tip Of The Iceberg
• Top Firm Imposes Hiring Freeze