JPMorgan Chase is set to slash nearly 100 jobs in its asset management arm following a review of the business.
The layoffs will constitute 1% to 2% of the bank’s asset management workforce, reported the Wall Street Journal.
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Why JPMorgan is axing jobs
The job cuts will take place across the division and in different locations globally.
The bank already reduced headcount in its fixed income, administration, and sales groups, and now also intends to make layoffs in its equity team, the report said.
“We routinely review our coverage model to ensure appropriate staffing levels across a variety of functions. Any reductions will be relatively small and will not affect our continued investment in client coverage and our business,” JPMorgan spokesperson Kristen Chambers was quoted by the publication as saying.
The latest decision follows a strong performance from the bank’s asset & wealth management (AWM) unit in the second quarter of 2018.
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By GlobalDataIn the second quarter, the unit’s net income surged 21% to $755m from $624m in the previous year. The division’s net revenue stood at $3.57bn during the period, up 4% on a year-on-year basis.
In its second quarter earnings statement, JPMorgan Chase chairman and CEO Jamie Dimon said: “Our Asset & Wealth Management business continued to perform well with positive net long-term and liquidity inflows and continued loan growth.”
