2023-06-25 09:00:33 ET
JPMorgan Chase & Co. ( NYSE: JPM ) is eliminating about 40 investment bankers in North America amid a slowdown in mergers and acquisitions.
The reductions cross all levels of seniority, according to a Bloomberg report on Friday, which cited people familiar with the matter.
The latest job reductions come as JPMorgan Chase ( JPM ) was said to have cut about 20 investment-banking positions in Asia this week, according to a separate Bloomberg report.
Dealmaking has slowed in North America amid rising interest rates, economic uncertainty, and partly as U.S. antitrust regulators have been focused on M&A and attempts to block transactions.
JPMorgan adds to a growing list of banks that are reducing the number of dealmakers in their ranks amid a slowdown in M&A. The WSJ reported late last month that Goldman Sachs ( GS ) was planning more layoffs as dealmaking waned. One person said the cuts would affect fewer than 250 jobs.
Bloomberg reported in February that Bank of America ( BAC ) was planning to lay off up to 200 investment bankers globally as demand for financing and dealmaking wanes. Truist Financial also shed 5% of its investment banking staff in February.
More on investment-banking woes
- Morgan Stanley may cut Asia-Pacific investment banking staff by 7% - report
- Lazard plans to lay off 10% of workforce as slow M&A activity hurts Q1 revenue
- Lazard: Workforce Reductions Of 10% To Control Labour Inflation
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JPMorgan cuts 40 dealmakers in North America amid M&A slowdown - report