Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Will a Giant AM's Parent Lean Away From Gotham? Not Rated 5.0 Email Routing List Email & Route  Print Print
Tuesday, October 29, 2019

Will a Giant AM's Parent Lean Away From Gotham?

News summary by MFWire's editors

Leaders at a giant asset manager's parent may be looking outside the Big Apple for the firm's future.

Mary Callahan Erdoes
J.P. Morgan
CEO of Asset and Wealth Management
JPMorgan Chase (parent of J.P. Morgan Asset Management) is considering moving "several thousand New York-based employees out of the area," Bloomberg reports, citing unnamed sources. The publication adds that, on the JPMAM side of the business, the main jobs affected would be "non-client-facing workers."

"We are committed to the NYC metro area," JPMorgan spokesman Joe Evangelisti tells Bloomberg. "We expect it to be our largest location for the foreseeable future."

The publicly traded bank has about 37,000 people in the New York metro area, and about half of those are in bank branches, an unnamed source told Bloomberg. The pub puts the relocation rumors in the context of JPMorgan existing growth plans in Plano, Texas, even as the bank's team is having new headquarters built in Manhattan and figuring out what to do with its existing Manhattan buildings.

Meanwhile, the job shift whispers come after a JPMAM NYC layoff in September and rumors of asset and wealth management (AWM) division layoffs back in the spring. As of September 30, 2019, AWM had 24,228 employees, including 2,872 FAs, and total client assets of $3.061 trillion, including $2.246 trillion in AUM. 

Edited by: Neil Anderson, Managing Editor


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

5.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use