MOSCOW, July 9 Wall Street bank JPMorgan Chase &
Co is reducing equity market staff in Russia as business
falls off in areas such as initial public offerings (IPOs) due
to the Ukraine crisis, two financial sources said.
Russian investment banking fee income fell by about a third
to $166 million in the year to June and IPOs were put on hold
when the Ukraine crisis sent Moscow's markets into a tailspin.
"The bank reduced a few people in the research department
and in stock trading," said one source, without saying how many.
A second financial market source said the cuts were made so the
bank could adapt to new market conditions.
JP Morgan, which declined to comment, has about 190 staff in
its operations in Russia where the economy is faltering.
Trading volumes are under pressure globally for investment
banks. JPMorgan posted far weaker-than-expected quarterly profit
as uncertainty about the U.S. economy weighed on trading and
(Reporting by Oksana Kobzeva; Writing by Megan Davies; Editing
by Elizabeth Piper and Louise Ireland)