JPMorgan Chase & Co. is dismissing hundreds of workers in its asset and wealth management division after a periodic review of staffing, according to a person briefed on the matter.
The bank is reducing the number of employees in support roles across the unit and laying off some wealth management workers, said the person, who asked not to be identified discussing internal strategy. The reductions are being made globally.
(More: State Street lays off 1,500 employees to cut costs)
"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 the bank, said in a statement. "We continue to invest in our business and talent, including hiring top advisers in key markets and expanding our product and service offering."
Many of Wall Street's largest securities firms periodically adjust staffing, especially in the first months of the year, trimming personnel in some areas to expand in others or dismissing underperformers to make way for an incoming class of junior bankers. The annual sweeps don't necessarily signal plans to shrink businesses.
JPMorgan employed nearly 24,000 people in asset and wealth management at the end of last year, 4% more than in 2017, according to a regulatory filing. Head count increased during the year even though the bank made a round of cuts in August,
dismissing about 100 workers in asset management after another review. Citywire reported the latest cuts Wednesday.
(More: JPMorgan ups its ETF game)
