J.P. Morgan Chase could be cutting as much as 5% of their total European investment banking headcount.
Reuters is reporting the jobs cuts are part of an end-of-year business review. The bank employs about 6,000 investment bank staff in Europe.
The cuts are rumored to be part of the bank’s restructuring of its European operation to trim the fat from less profitable areas and move those positions to areas the bank sees greater potential in. This year, the firm is looking to expand in the prime brokerage.