Morgan-Bank One merger won't chase off many jobs; Cuts aimed at areas with limited local impact; banks' plans may spur NY growth.(Workplace)(Chicago's Bank One)

Crain's New York Business, February, 2004 by fredrickson, tom

Byline: tom fredrickson Big bank mergers are usually bad news for employees, resulting in huge numbers of workers getting laid off. When Chase Manhattan combined with Chemical Banking in 1995, for example, 12,000 jobs were put on the chopping block within a year-nearly all of them in and around New York.

In the latest blockbuster deal, which will marry J.P. Morgan Chase & Co. and Chicago's Bank One, 10,000 jobs will be axed. However, the New York area is expected to lose only about 2,500 positions. Because J.P. Morgan has relatively few support and information technology jobs here, fewer than 1,000 workers in New York City are expected to lose their positions. In fact, the city could see job growth in the next decade because of the merger. "There isn't...

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