MutualFundWire.com: Will a Giant AM's Parent Lean Away From Gotham?

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Tuesday, October 29, 2019

Will a Giant AM's Parent Lean Away From Gotham?

Leaders at a giant asset manager's parent may be looking outside the Big Apple for the firm's future.

Mary Callahan Erdoes
J.P. Morgan
CEO of Asset and Wealth Management

JPMorgan Chase (parent of J.P. Morgan Asset Management) is considering moving "several thousand New York-based employees out of the area," Bloomberg reports, citing unnamed sources. The publication adds that, on the JPMAM side of the business, the main jobs affected would be "non-client-facing workers."

"We are committed to the NYC metro area," JPMorgan spokesman Joe Evangelisti tells Bloomberg. "We expect it to be our largest location for the foreseeable future."

The publicly traded bank has about 37,000 people in the New York metro area, and about half of those are in bank branches, an unnamed source told Bloomberg. The pub puts the relocation rumors in the context of JPMorgan existing growth plans in Plano, Texas, even as the bank's team is having new headquarters built in Manhattan and figuring out what to do with its existing Manhattan buildings.

Meanwhile, the job shift whispers come after a JPMAM NYC layoff in September and rumors of asset and wealth management (AWM) division layoffs back in the spring. As of September 30, 2019, AWM had 24,228 employees, including 2,872 FAs, and total client assets of $3.061 trillion, including $2.246 trillion in AUM.

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