By Michelle F. Davis
(Bloomberg) --JPMorgan Chase & Co., which announced the launch of its You Invest free trading service on Wednesday, is dismissing about 100 workers in its asset-management division after a business review, according to a person briefed on the matter.
The cuts are global and range across several businesses in the group, said the person, who asked not to be identified because the matter is private.
“We routinely review our coverage model to ensure appropriate staffing levels across a variety of functions,” Kristen Chambers, a spokeswoman for the New York-based bank, said in a statement. The reductions will be “relatively small” and won’t affect investment in client coverage, she said, declining to provide more details.
The staff changes represent about 1 percent to 2 percent of the division, according to the Wall Street Journal, which reported the news earlier Wednesday.
JPMorgan’s asset-management revenue climbed 4 percent in the first half to $3.61 billion.
To contact the reporter on this story: Michelle F. Davis in New York at [email protected] To contact the editors responsible for this story: Michael J. Moore at [email protected] Steve Dickson