JPMorgan to cut jobs after staffing review

JPMorgan Chase & Co. is sacking hundreds of its employees after a periodic review of staffing. The lay-off will affect workers in asset and wealth-management division. The dismissal is not restricted to a particular region but globally.

According to a regulatory filing, JPMorgan employed about 24,000 people in asset and wealth management at the end of 2018. This figure was 4 percent more than in 2017. Headcount increased during the year even though the firm made a round of cuts in August, dismissing about 100 workers in asset management after another review.

Amid this lay-off, it is also reported in media that JPMorgan Chase & Co. is pushing about 300 London-based investment banking staff to sign new contracts confirming they’ll leave the U.K. in the event of a no-deal Brexit. 

The employees, who work in areas such as sales and risk, have been presented with contracts in the last week that demand they relocate to a European Union country such as Germany or France in a no-deal scenario, the people said, declining to be identified as the details are private. A spokesman for JPMorgan in London declined to comment.

The affected workers were notified months ago of this possibility, but with JPMorgan activating its Brexit contingency plans, they are at risk losing their jobs. However, according to a person aware of the plans, shared with media that the bank plans to redeploy staff to other roles to avoid layoffs.

Image source: marketwatch.com