JPMorgan is reportedly slashing hundreds of jobs in asset management

Neil Hall/Reuters

• JPMorgan is set to cut hundreds jobs as part of a periodic review of its asset management business, according to Bloomberg.
• Employees in support roles and some wealth management staff will be among those being let go.
• "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 New York-based bank, said in a statement to Bloomberg.

JPMorgan is slashing roles as part of a shake-up in its asset management business.

The New York-based bank is set to cut hundreds of support and other roles in its wealth management unit as part of a periodic review of its staffing, according to Bloomberg.

JPMorgan employed 24,000 people in asset management last year, per Bloomberg, a 4% increase from 2017 even though the firm cut another 100 jobs last August.

"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 JPMorgan, said in a statement to Bloomberg. "We continue to invest in our business and talent, including hiring top advisers in key markets and expanding our product and service offering."

JPMorgan declined to comment for this article.

JPMorgan is also preparing for upheaval in Brexit. A person familiar with the matter said that around 300 JPMorgan staff have been asked to sign contracts agreeing to leave London in the event of a "no-deal" Brexit. Bloomberg first reported on the contracts.

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