JPMorgan Chase & Co. is reported to be all set to lay off hundreds of employees in its asset and wealth-management division, after a staffing review. Some employees from the wealth management division and many in support roles will lose their jobs.
The layoffs are going to take place in locations across the globe. The American investment bank and financial services company had almost 24000 people in the asset and wealth-management departments in 2018, which was a significant increase from 2017.
JP Morgan Chase & Co. is not the only one reducing its workforce now. The brokerage, Nomura Holdings, which has been trying in vain to earn profits overseas, is also expected to render many people jobless across its trading and investment-banking businesses in Europe and the US.
In order to cut costs, Standard Chartered is also expected to implement a streamlining plan, which may include laying off some people in Singapore. The London Stock Exchange Group may also reduce about five per cent of its headcount worldwide.
Goldman Sachs Group is reported to be planning a cut in its core trading business in the fixed-income group. This means, approx. 65 jobs will be done away with, which includes a minimum of ten employees from its commodities unit.
HRKatha had earlier carried a story on the merger of Deutsche Bank and Commerzbank, which may render almost 30,000 people jobless.