JPMorgan Chase & Co. (NYSE:JPM) is eliminating about 40 investment bankers in North America amid a slowdown in mergers and acquisitions.
The reductions cross all levels of seniority, according to a Bloomberg report on Friday, which cited people familiar with the matter.
The latest job reductions come as JPMorgan Chase (JPM) was said to have cut about 20 investment-banking positions in Asia this week, according to a separate Bloomberg report.
Dealmaking has slowed in North America amid rising interest rates, economic uncertainty, and partly as U.S. antitrust regulators have been focused on M&A and attempts to block transactions.
JPMorgan adds to a growing list of banks that are reducing the number of dealmakers in their ranks amid a slowdown in M&A. The WSJ reported late last month that Goldman Sachs (GS) was planning more layoffs as dealmaking waned. One person said the cuts would affect fewer than 250 jobs.
Bloomberg reported in February that Bank of America (BAC) was planning to lay off up to 200 investment bankers globally as demand for financing and dealmaking wanes. Truist Financial also shed 5% of its investment banking staff in February.