JPMorgan Chase & Co is dismissing hundreds of workers in its asset and wealth management division after a periodic review of staffing, said a person who was briefed on the matter.
The bank is reducing the number of employees in support roles across the unit and laying off some wealth management workers, said the person, who asked not to be identified as they were discussing internal strategy.
The reductions are being made globally, they said.
“It is normal course of business for us to review our staffing annually to ensure appropriate levels, and adjust as necessary,” JPMorgan spokesman Darin Oduyoye said in a statement. “We continue to invest in our business and talent, including hiring top advisers in key markets and expanding our product and service offering.”
Many of Wall Street’s largest securities firms periodically adjust staffing, especially in the first months of the year, trimming personnel in some areas to expand in others or dismissing underperformers to make way for an incoming class of junior bankers. The annual sweeps do not necessarily signal plans to shrink businesses.
Nomura Holdings Inc is also planning to cut dozens of jobs across its trading and investment-banking businesses in Europe and the US as the brokerage struggles to make a profit overseas, people familiar with the matter said.
Executives at the Tokyo-based firm might shed more than 100 traders and bankers across its overseas units, according to the people, who requested anonymity as the information is not public.
The bulk of the reductions are likely to come at Nomura’s troubled European business, which has lost billions of US dollars in the past decade, the people said.
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”
Sales in the retail, and food and beverage sectors last month continued to rise, increasing 0.7 percent and 13.6 percent respectively from a year earlier, setting record highs for the month of March, the Ministry of Economic Affairs said yesterday. Sales in the wholesale sector also grew last month by 4.6 annually, mainly due to the business opportunities for emerging applications related to artificial intelligence (AI) and high-performance computing technologies, the ministry said in a report. The ministry forecast that retail, and food and beverage sales this month would retain their growth momentum as the former would benefit from Tomb Sweeping Day
Thousands of parents in Singapore are furious after a Cordlife Group Ltd (康盛人生集團), a major operator of cord blood banks in Asia, irreparably damaged their children’s samples through improper handling, with some now pursuing legal action. The ongoing case, one of the worst to hit the largely untested industry, has renewed concerns over companies marketing themselves to anxious parents with mostly unproven assurances. This has implications across the region, given Cordlife’s operations in Hong Kong, Macau, Indonesia, the Philippines and India. The parents paid for years to have their infants’ cord blood stored, with the understanding that the stem cells they contained