2023-06-21 08:42:23 ET
JPMorgan Chase ( NYSE: JPM ) was said to have laid off about 20 investment bankers in Asia, joining other Wall Street giants in cutting costs and reducing headcount as dealmaking remains at a standstill.
The reductions impacted mostly junior staff at associate and analyst levels, Bloomberg reported Tuesday evening, citing people familiar with the matter.
The move comes after Goldman Sachs ( GS ) last week reportedly sought to implement more job cuts as a way to reduce costs, with investment banking revenue down 46% from a year earlier during the current quarter through June 6. Also, Citigroup ( C ) CFO Mark Mason disclosed that the lender has cut 1,600 jobs so far in Q2.
In Q2, equity offerings in the Asia-Pacific region fell by almost one-third from Q1, while announced mergers slumped 21%, Bloomberg noted.
JPMorgan did not immediately respond to Seeking Alpha's request for comment.
More on investment-banking woes
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Morgan Stanley may cut Asia-Pacific investment banking staff by 7% - report
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Bank of America said to plan investment-banking job cuts as cost pressures bite
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Truist Financial sheds 5% of investment-banking staff amid dealmaking slump
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JPMorgan said to cut some investment bankers in Asia as deal flow cools