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JPMorgan cuts nearly 40 investment bankers in US
  + stars: | 2023-06-23 | by ( Nupur Anand | ) www.reuters.com   time to read: +1 min
NEW YORK, June 23 (Reuters) - JPMorgan Chase & Co (JPM.N) is cutting nearly 40 investment bankers in the U.S., a source with knowledge of the matter said. JPMorgan's investment banking and trading revenue are both expected to decline 15% in the second quarter, its president Daniel Pinto warned last month. Rivals Goldman Sachs Group (GS.N), Morgan Stanley (MS.N) and Citigroup (C.N) have also laid off investment bankers as uncertainty weighs on economic activity. JPMorgan's staff reductions are typical given the environment, the source said, noting that the bank is still hiring executives and bankers in key areas. Reporting by Nupur Anand in New York; Editing by Lananh Nguyen and Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.
Persons: Daniel Pinto, Rivals Goldman Sachs, Morgan Stanley, Nupur Anand, Lananh Nguyen, Jacqueline Wong Organizations: YORK, JPMorgan Chase &, Rivals Goldman, Citigroup, Bloomberg, Thomson Locations: U.S, Wall, New York
Lazard CEO Ken Jacobs set to step down
  + stars: | 2023-05-18 | by ( Anirban Sen | ) www.reuters.com   time to read: +1 min
Lazard lead director Richard Parsons declined to provide details of the succession plan in a statement. "We have a succession plan that we have had in place for quite some time and our plan is on track," he said. The appetite for mergers and acquisitions has soured in recent months amid volatility in the capital markets, geopolitical tensions and rising interest rates. Investment banking units at large Wall Street firms have cut bonuses and laid off staff in recent months as stock market listings stalled and companies slamming the breaks on deals. The Wall Street Journal first reported on the succession.
Lazard CEO warns of more Wall Street layoffs
  + stars: | 2022-12-07 | by ( Manya Saini | ) www.reuters.com   time to read: +2 min
[1/2] The Charging Bull or Wall Street Bull is pictured in the Manhattan borough of New York City, New York, U.S., January 16, 2019. Rivals Goldman Sachs Group Inc (GS.N) and Citigroup Inc (C.N) have also culled some staff. Elsewhere on Wall Street, BlackRock Inc (BLK.N), the world's largest asset manager, has also frozen hiring except in critical roles. "When I talk to our clients, they sound extremely cautious," Goldman Sachs CEO David Solomon told investors Tuesday. Reporting by Manya Saini and Noor Zainab Hussain in Bengaluru; Additional reporting by Lananh Nguyen in New York; Editing by Krishna Chandra Eluri, Lananh Nguyen and Anna DriverOur Standards: The Thomson Reuters Trust Principles.
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