JPM cuts 30 Asia-Pacific investment banking jobs

JPMorgan Chase & Co is reportedly laying off approximately 30 investment bankers in the Asia-Pacific region, with most based in Greater China. The cuts affect bankers with both regional and China-focused responsibilities, and primarily impact junior-level bankers. While the cuts are the largest in years, they account for less than 5% of the bank’s investment banking headcount in the region. The job losses come as investment banks globally seek to reduce costs, and are not necessarily due to ongoing geopolitical tensions and China’s regulatory environment.

Goldman Sachs Group Inc and Morgan Stanley have also announced job cuts in the region and worldwide, as investment banking revenue continues to decline. Last month, JPMorgan gained full ownership of its China mutual fund joint venture after winning control of a local securities venture in 2019 and raising its holding in a futures firm to 100% in 2020. In 2021, the US bank also won approval to invest around CNY2.67bn ($389m) in China Merchant Bank Co’s asset management subsidiary.

JPMorgan’s move to lay off investment bankers in the Asia-Pacific region is part of a wider trend of job losses across the finance industry. In January 2022, the bank cut hundreds of mortgage employees as higher interest rates continue to impact home-lending businesses. However, JPMorgan has not disclosed the size of the recent job cuts in the Asia-Pacific region. A Singapore-based spokesman for the bank declined to comment on the matter.