US investment bank JPMorgan is planning hundreds of job cuts in its asset management division, according to Bloomberg.
The reductions are being made globally and those thought to be affected are workers in support roles and some in wealth management.
The decision for job cuts comes after a periodic review of staffing levels, according to an unidentified person familiar with the matter.
JPMorgan was unavailable for comment when contacted by PBI, but a statement from spokesperson, Darin Odudoye, said: “It is normal course of business for us to review our staffing annually to ensure appropriate levels, and adjust as necessary.
“We continue to invest in our business and talent, including hiring top advisers in key markets and expanding our product and service offering.”
Previous JPMorgan job cuts
JPMorgan announced plans to cut 100 jobs from its asset management business in August last year, thought by the Wall Street Journal to account for 1% to 2% of the unit’s workforce.
According to Fortune, staff adjustments are commonplace in large financial services firms in the early part of the calendar year, as companies appraise weighting of numbers in different areas of the business. These job cuts do not necessarily signal a company-wide downsizing.
JPMorgan has had an uncomfortable few days on the market since the Fed’s slashing of projections of a rate hike this year, with the share price falling on five consecutive days, to levels comfortably south of $100 for the first time in 2019.