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JPMorgan says will be careful about banker cuts amid investment banking downturn

JPMorgan says will be careful about banker cuts amid investment banking downturn

Reuters · 09/13/2022 11:04
JPMorgan says will be careful about banker cuts amid investment banking downturn

By Saeed Azhar and Lananh Nguyen

- JPMorgan Chase & Co JPM.N will maintain caution on its staffing levels despite the recent downturn in investment banking, its president said on Tuesday.

"You to very careful when you have a bit of a downturn to start cutting bankers here and there because you will hurt the possibility for growth going forward," Daniel Pinto, president and chief operating officer of JPMorgan, told investors at a conference Tuesday. "If anything, in some environments like this, there may be some very, very top bankers that you could access or hire in the past that they're available to be hired."

His comments follow plans by Goldman Sachs Group Inc GS.N, according to a source familiar with the matter, to cut jobs as early as this month after pausing the annual practice for two years during the pandemic.


(Reporting by Saeed Azhar and Lananh Nguyen; additional reporting by Niket Nishant; Editing by Chizu Nomiyama)

((Saeed.Azhar@thomsonreuters.com; +1 347 908-6341; Reuters Messaging: saeed.azhar.reuters.com@reuters.))