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JPMorgan Chase & Co. (New York Stock Exchange: JPM) is eliminating about 40 investment bankers in North America amid a slowdown in mergers and acquisitions.
Discounts bypass all levels of seniority by a Bloomberg report on Friday, which cited people familiar with Theme.
The latest job cuts come as JPMorgan Chase (JPM) is said to have cut about 20 investment banking positions in Asia this week, according to a separate report from Bloomberg.
Deal-making in North America has slowed amid rising interest rates and economic uncertainty, in part as US antitrust regulators focus on mergers and acquisitions and attempts to block deals.
JPMorgan adds to a growing list of banks that are reducing the number of dealmakers in their ranks amid a slowdown in mergers and acquisitions. The Wall Street Journal reported late last month that Goldman Sachs (GS) was planning more layoffs as deal-making dwindled. One person said the cuts would affect fewer than 250 jobs.
Bloomberg reported in February that Bank of America (BAC) was planning to layoff as many as 200 investment bankers globally as demand for financing and deals declines. Trust Financial also shed 5% of its investment banking staff in February.