JPMorgan Chase & Co. (JPM), the largest and most profitable U.S. bank, dismissed about 5 percent of its equities trading desk today, according to two people with knowledge of the cuts.
William Gulya, an equity-derivatives sales representative in emerging markets, was among the departing employees, according to the people, who asked for anonymity because personnel matters are private. Data on the current size of the equities trading staff wasn’t immediately available. The New York-based bank ranks first by assets among U.S. lenders.
JPMorgan typically culls its workforce as part of periodic staff reviews, according to one of the people. Jennifer Zuccarelli, a spokeswoman for the bank, said she couldn’t comment. Dealbreaker reported the job cuts earlier today, saying they were closer to 10 percent of the trading floor.
The bank’s treasury and securities services division in January dismissed about 100 people, less than 1 percent of the unit’s workforce, as part of the bank’s periodic staff adjustments, a person briefed on the move said at the time.
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