JPMorgan Cuts 40 Dealmakers in North America as Part of Global Reduction
Hannah Levitt and Liana Baker
Sat, June 24, 2023 at 6:43 AM GMT+8·1 min read
(Bloomberg) — JPMorgan Chase & Co. is cutting about 40 investment bankers in North America, as the Wall Street giant adds to international reductions amid a dealmaking slowdown.
The latest cuts span all levels of seniority, according to people familiar with the matter, who asked not to be identified discussing the plans for personnel. JPMorgan eliminated about 20 investment-banking jobs in Asia earlier this week, on top of a prior round affecting the region.
A spokesperson for JPMorgan declined to comment.
Rising interest rates and economic uncertainty have hampered investment-banking activity for more than a year. JPMorgan’s rivals have eliminated thousands of positions in that period, including a number of recent rounds.
Goldman Sachs Group Inc. is cutting about 125 managing directors as part of its reductions, Bloomberg reported Friday. Citigroup Inc. planned to shed 30 investment-banking jobs and 20 more in corporate banking in London, Bloomberg reported this month.
JPMorgan President Daniel Pinto said last month that the firm expects second-quarter investment-banking fees to decline 15% from the $1.7 billion it pulled in a year earlier. That itself was down 54% from the second quarter of 2021, at the height of a pandemic-fueled deal boom.
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(Updates with recent job cuts by competitors from fifth paragraph.)
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Source: Yahoo Finance
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