An NYC Fund Firm Lays Off Dozens
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Wednesday, July 03, 2019

An NYC Fund Firm Lays Off Dozens

The leadership team at a publicly traded multinational's asset management arm is trimming dozens of jobs this fall.

Mary Callahan Erdoes
J.P. Morgan
CEO of Asset and Wealth Management
On Monday, J.P. Morgan Asset Management [profile] filed with the New York State Department of Labor to lay off 52 workers in New York City at the end of September. According to the filing, it appears that JPMAM currently has 106 NYC employees.

"Restructuring" is listed in the filing as the reason for the "plant layoff."

The latest JPMAM layoff news follows word last March of a similar, larger layoff across all of J.P. Morgan's asset and wealth management (AWM) division (which includes JPMAM). Meanwhile, last month AWM CEO Mary Callahan Erdoes confirmed the impending retirement of JPMAM CEO Chris Willcox and the promotion of George Gatch to succeed Willcox.

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