JP Morgan could lay off around 100 employees in its asset management division, the Wall Street Journal Reports.
Sources tell the paper market shifts have led to the staffing adjustments, with redundancies already in train after an internal review.
The layoffs will impact a number of global offices and will be across business lines, the sources tell the paper.
The cuts would represent between 1 and 2 per cent of the division, it is understood, and the Wall Street Journal reports that equity group staff could be next after redundancies across fixed income, administration and sales groups.
A JP Morgan spokeswoman told the paper: “We routinely review our coverage model to ensure appropriate staffing levels across a variety of functions…Any reductions will be relatively small and will not impact our continued investment in client coverage and our business.”