JPMorgan Chase is laying off about 100 people from its asset management division, a spokesperson for the firm confirmed Wednesday.
The layoffs — initially reported Wednesday by the Wall Street Journal — will amount to between one and two percent of asset management staff, according to that report.
Cuts already took place in the fixed income, administration, and sales groups, and are expected to hit the equity team, according to the WSJ.
“We routinely review our coverage model to ensure appropriate staffing levels across a variety of functions,” JPMorgan spokesperson Kristen Chambers said via email. “Any reductions will be relatively small and will not affect our continued investment in client coverage and our business.”
Chambers declined to comment further.
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The layoffs follow a strong second quarter for JPMorgan’s asset management division.
Net income and revenue were up year-on-year, the earnings report showed. The unit’s assets under management rose by 8 percent to $2 trillion as of June 30, driven by net flows into long-term and liquidity products, as well as rising markets.
“Our asset and wealth management business continued to perform well with positive net long-term and liquidity inflows and continued loan growth,” JPMorgan chief executive officer Jamie Dimon said in the earnings report, released July 13.