The asset management arm of the US investment bank JP Morgan is to make around 100 employees redundant, according to a report in the Wall Street Journal.
A spokeswoman for JP Morgan Asset Management declined to say which locations or roles would see job cuts, but the report in the Journal said that jobs had already been culled from the bank’s fixed income, administration and sales teams and that further cuts were planned for the equities team.
In total, the article said, the layoffs would amount to between 1% and 2% of the asset management division’s workforce.
The bank also declined to say whether its European headquarters in London would see a higher proportion of job cuts, given continuing uncertainty over Brexit and comments made by chief executive Jamie Dimon prior to the UK referendum in 2016 that the bank would move thousands of jobs to continental Europe if the UK voted to leave the EU.
“We routinely review our coverage model to ensure appropriate staffing levels across a variety of functions,” the spokeswoman said.
“We cannot comment on specific details, but the changes will involve a variety of functions across the business globally. Any reductions will be relatively small and will not affect our continued investment in client coverage and our business.”
JP Morgan recently posted second quarter revenue of $1.8 billion (€1.6 billion) in its asset management division, which is part of the bank’s asset and wealth management unit, up 2% on the second quarter of 2017. It also reported net long-term inflows of $4 billion.
At a group level, JP Morgan reported second quarter revenue of $27.89 billion and net income of $8.3 billion.
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