JPMorgan is slashing hundreds of jobs across its asset and wealth division, joining a growing list of asset managers that have announced staff reductions in an effort to curb costs.
JPMorgan employed 24,000 people in asset management last year, according to Bloomberg, a 4% increase from 2017 even though the firm cut another 100 jobs last August.
"It is normal course of business for us to review our staffing annually to ensure appropriate levels, and adjust as necessary," Darin Oduyoye, a spokesman for JPMorgan, said in a statement to Bloomberg. "We continue to invest in our business and talent, including hiring top advisers in key markets and expanding our product and service offering."
It is normal course of business for us to review our staffing annually to ensure appropriate levels, and adjust as necessary"
The largest US bank is also preparing for upheaval in Brexit. A person familiar with the matter said that around 300 JPMorgan staff have been asked to sign contracts agreeing to leave London in the event of a "no-deal" Brexit.
Several other asset managers have also started to reduce headcount. BlackRock started 2019 by announcing a 500 jobs cull, or 3% of its workforce, while State Street said it would shed about 1,500 jobs in a new cost-cutting plan designed to help it weather tough market conditions.
Axa Investment Managers announced in June 2018 that a restructure of its business could lead to up to 210 jobs being cut, while UBS Asset Management also said it would lay off close to 100 employees last summer.