JPMorgan, Nomura Job Cuts Add to Wave of Pullbacks in Finance

Automation and new technology are replacing thousands of workers at banks and asset managers around the world, just as consolidation -- including Deutsche Bank AG’s proposed merger with Commerzbank AG -- puts thousands more jobs at risk.

The pressure on headcount follows bouts of volatility that roiled global markets late last year, and investors’ growing preference for passive, low-fee funds that require far fewer workers at asset-management firms. On top of that, financial companies with operations in the U.K. could slow their hiring ahead of the country’s anticipated exit from the European Union.