JPMorgan's job cuts include tech staff in the investment bank
JPMorgan has cut some jobs, and not just in the retail bank.
Following reports that the bank laid off hundreds of staff in its mortgage division yesterday, sources say that the cuts extended to the corporate and investment bank too. Technology staff were among those affected.
"It was a combination of our annual 5% cuts based on performance and an adjustment of headcount for our budget being flat or down," says one senior JPMorgan technologist in London. "It was nothing too drastic and depends on the budgets of individual groups in tech - some are still hiring."
JPMorgan's cost-cutting comes after CEO Jamie Dimon said last month that the bank would continue recruiting. "I tend not to stop growing because you have a recession," said Dimon. The bank has released 738 new technology jobs in the past 30 days. As we noted earlier, it's also been hiring for its cloud function.
JPMorgan declined to comment on the cuts. Instagram site Litquidity claimed yesterday that "all groups" were affected, from analyst to MD. One senior data scientist told us he has not seen cuts in his area.
Headcount at JPMorgan's corporate and investment bank rose 9% last year. However, the bank cut spending on technology, communications and equipment by 6%.
As Goldman Sachs reins in its aspirations for Marcus, questions have been risen over JPMorgan's spending on Chase UK - its European digital bank. However, hiring here is believed to be continuing apace - the bank currently has 55 Chase jobs open in the UK.
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