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JPMorgan Chase (NYSE:JPM) is the latest lender to implement investment-banking job cuts in Asia, laying off at least seven staffers this week, according to a media reported dated Tuesday.
With China facing a lingering property crisis and ongoing uncertainty surrounding economic growth, dealmaking activity in the country has especially taken a hit.
Fellow banking giants Morgan Stanley (MS), Deutsche Bank (DB), HSBC Holdings (HSBC), Goldman Sachs (GS) and UBS Group (UBS) all have cut workers at their Asia-based investment-banking units over the past couple years.
JPMorgan’s (JPM) latest round of cuts primarily impacted staff at vice president and associate levels in a range of sectors, from energy to health care, Bloomberg reported, citing people familiar with the matter.
In June 2023, The New York-based bank was said to have cut about 20 investment banking jobs in Asia.