JPMorgan is trimming its asset and wealth management division, with plans to dismiss hundreds of workers, according to news reports.
The cuts are the result of a periodic review of staffing needs and will affect support roles as well as “some wealth-management workers,” Bloomberg writes, citing a person briefed on the matter who asked to remain anonymous. At the end of 2018, JPMorgan had close to 24,000 workers in asset and wealth management, which was 4% higher than the year prior despite the dismissal of around 100 asset management employees in August, according to the news service. Laying off staff in the first few months of the year, meanwhile, is common for many securities firms as they trim underperformers, Bloomberg writes.
“It is normal course of business for us to review our staffing annually to ensure appropriate levels, and adjust as necessary,” Darin Oduyoye, a JPMorgan spokesman, tells the news service 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.”
JPMorgan’s wealth management business has seen several executive departures in recent months.
In January, the firm announced that Barry Sommers, the chief executive of its wealth management business, is leaving the firm, with David Frame taking over his role as chief of U.S. Wealth Management and Nicolas Aguzin taking over Sommers’ international duties. Earlier this month, a JPMorgan managing director jumped ship to First Republic Bank, and a JPMorgan chairman of the Midwest left for Mesirow Wealth Advisors.