Geoffrey Boisi, vice chairman in charge of investment banking, told attendees at an investor conference last week that JP Morgan Chase had too many bankers chasing too few clients. He confirmed that the bank aimed to increase productivity per banker.
A spokesman at JP Morgan is quoted as saying that the next round of job cuts is likely to result in fewer than 500 job losses.
Boisi confirmed that the bank 'will continue to adjust our costs in line with our revenue outlook.'
Job Cuts At JP Morgan
CBS MarketWatch reports that JP Morgan Chase is set for a further round of job cuts in investment banking.
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