JP Morgan Chase & Co is cutting hundreds of jobs across its asset and wealth management division.
The investment bank plans to dismiss employees in support roles and some wealth management staff across the firm’s global business as part of an annual review.
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“It is normal course of business for us to review our staffing annually to ensure appropriate levels, and adjust as necessary,” Darin Oduyoye, a spokesperson for the bank, said.
“We continue to invest in our business and talent, including hiring top advisers in key markets and expanding our product and service offering.”
JP Morgan also made around 100 asset management employees redundant in in August last year, amounting to between one to two per cent of the division, the Wall Street Journal reported.
Meanwhile, the world’s largest asset manager Blackrock announced plans to shed three per cent of its global workforce in January amid challenging industry conditions.
The entire asset management sector was under pressure from weakening investor sentiment last year, with the average US manager’s share price dropping by 26 per cent.