July 29 JPMorgan Chase & Co, the biggest
U.S. bank by assets, is slashing its technology support
workforce in corporate and investment banking division following
a revenue dip, Bloomberg News reported, citing people familiar
with the matter.
Offices affected include New York, Tampa, Chicago and Dubai,
according to the report. (bloom.bg/1nQVn9y)
Luke Moranda, a managing director in charge of clearing
technology, and Dan Cronin, an executive director, were relieved
of their duties, Bloomberg said.
Some workers were reportedly demoted as the company tries to
cut compensation expenses, the report added.
JPMorgan spokesman, Brian Marchiony, declined to comment on
The company's revenue from fixed-income and equity markets
fell 15 percent to $3.5 billion in the quarter ended June 30,
compared with the same quarter last year. The drop was, however,
less than the 20 percent decline JPMorgan had forecast in May.
Job cuts in mortgage banking was on pace to exceed the 6,000
announced earlier, Chief Financial Officer Marianne Lake said in
an earnings call with analysts earlier this month.
The company had announced in February last year that it
planned to cut 17,000 jobs by the end of 2014, representing
about 6.6 percent of overall workforce, as it dealt with bad
(Reporting by Amrutha Gayathri in Bangalore; Editing by Joyjeet