2023-06-24 02:00:38
© Reuters. Headquarters of JP Morgan Chase & Co. in New York, USA 5/20/2015 REUTERS/Mike Segar
Por Nupur Anand
NEW YORK (Reuters) – JPMorgan Chase & Co (NYSE:) is laying off about 40 investment bankers across the United States, according to a person with knowledge of the matter.
The cuts come after months of sluggish markets that have depressed Wall Street trading and prompted banks to lay off thousands of employees.
JPMorgan’s investment banking and trading revenues are expected to drop 15% in the second quarter, the company’s chairman, Daniel Pinto, warned last month.
Rivals Goldman Sachs (NYSE:), Morgan Stanley (NYSE:) and Citigroup (NYSE:) have also laid off investment bankers as uncertainty weighs on economic activity.
Personnel reductions at JPMorgan are typical given the circumstances, the source said, noting that the bank is still hiring executives and bankers in key areas.
Bloomberg first reported the staffing cuts on Friday.
(Reporting by Nupur Anand in New York)
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