J.P. Morgan Job Cuts May Hit JPAM
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Friday, May 29, 2015

J.P. Morgan Job Cuts May Hit JPAM

JP Morgan may be cutting jobs from its asset management arm as part of a larger "trimming" of the bank's staff. The Wall Street Journal reported Thursday that the bank is planning to cut some 5,000 jobs as part of an efficiency plan.

Today the bank employed 241,145 people at the end of March. The paper reported that all four of the bank's business lines will eliminate some positions. The four units are: asset management, corporate and investment banking, consumer and community banking, and commercial banking.

Bank officials could not be immediately reached for how many jobs cuts will be made in asset management.

Mary Erdoes heads the bank's asset management business and is reported to be "leading the charge" for her unit, according to the WSJ.

CEO Jamie Dimon detailed the cuts in a presentation to investors on Wednesday. During the talk he said two tellers and one financial advisor will be eliminated at that the typical branch as the banks moves to electronic tools to handle deposits and other tasks.

There are 5,570 branches in the J.P. Morgan Chase network.

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