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