Investment Bank Job Cuts Loom as Cost Drop Trails Revenue
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The largest global investment banks face further cost reductions, like the job cuts JPMorgan Chase & Co. began this month, after a drop in first-half expenses failed to match a decline in revenue.
Pretax profit at the banking and trading units at seven of the nine largest firms fell in the first six months as costs for the group decreased less than 1 percent from the same period a year earlier, according to data compiled by Bloomberg. Revenue dropped 5 percent, driven by the worst first-half trading results since the financial crisis.