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JPMorgan to Lay Off Employees in Asset Management Division
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Following an internal review, JPMorgan (JPM - Free Report) intends to terminate nearly 100 employees in its Asset Management division. This was first reported by Wall Street Journal.
Later on, the bank’s spokeswoman, Kristen Chambers confirmed the news. In an e-mail she said, “We routinely review our coverage model to ensure appropriate staffing levels across a variety of functions. Any reductions will be relatively small and will not affect our continued investment in client coverage and our business.”
The layoffs represent about 1-2% of the Asset Management division’s strength and are across the globe. Notably, several units within the division are likely to witness job cuts.
Nonetheless, Chambers did not comment on other details related to job cuts including the timing of the departure and which of the global offices will be most impacted.
As of Jun 30, 2018, JPMorgan’s Asset and Wealth Management division had $2.02 trillion assets under management. However, in the first half 2018, the segment witnessed a rise in total allowance for credit losses.
Further, per the Wall Street Journal report, JPMorgan has already cut jobs in fixed income, administration and sales units. Layoffs are also expected in the bank’s equity group.
Additionally, last week, Bloomberg reported that JPMorgan has decided to shut investment accounts for retail clients who do not live in the United States. Thus, retail customers, residing in about 50 countries outside the United States, will no longer be allowed to keep their investment accounts with International Financial Services with the bank.
Therefore, JPMorgan continues to make efforts to improve efficiency and focus on core operations. Over the past year, the bank’s shares have rallied 25.6%, outperforming the industry’s rise of 15.8%.
Similar to JPMorgan, several other global banks including Wells Fargo (WFC - Free Report) , Fifth Third Bancorp (FITB - Free Report) and Barclays (BCS - Free Report) are undertaking measures to focus on core business and are laying off employees to improve efficiency.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for regular investors who make the right trades early.
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JPMorgan to Lay Off Employees in Asset Management Division
Following an internal review, JPMorgan (JPM - Free Report) intends to terminate nearly 100 employees in its Asset Management division. This was first reported by Wall Street Journal.
Later on, the bank’s spokeswoman, Kristen Chambers confirmed the news. In an e-mail she said, “We routinely review our coverage model to ensure appropriate staffing levels across a variety of functions. Any reductions will be relatively small and will not affect our continued investment in client coverage and our business.”
The layoffs represent about 1-2% of the Asset Management division’s strength and are across the globe. Notably, several units within the division are likely to witness job cuts.
Nonetheless, Chambers did not comment on other details related to job cuts including the timing of the departure and which of the global offices will be most impacted.
As of Jun 30, 2018, JPMorgan’s Asset and Wealth Management division had $2.02 trillion assets under management. However, in the first half 2018, the segment witnessed a rise in total allowance for credit losses.
Further, per the Wall Street Journal report, JPMorgan has already cut jobs in fixed income, administration and sales units. Layoffs are also expected in the bank’s equity group.
Additionally, last week, Bloomberg reported that JPMorgan has decided to shut investment accounts for retail clients who do not live in the United States. Thus, retail customers, residing in about 50 countries outside the United States, will no longer be allowed to keep their investment accounts with International Financial Services with the bank.
Therefore, JPMorgan continues to make efforts to improve efficiency and focus on core operations. Over the past year, the bank’s shares have rallied 25.6%, outperforming the industry’s rise of 15.8%.
Currently, JPMorgan carries a Zacks Rank #3 (Hold).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Similar to JPMorgan, several other global banks including Wells Fargo (WFC - Free Report) , Fifth Third Bancorp (FITB - Free Report) and Barclays (BCS - Free Report) are undertaking measures to focus on core business and are laying off employees to improve efficiency.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for regular investors who make the right trades early.
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