JPMorgan cut Q1 headcount in the investment bank for the first time in 5 years

efinancialcareers.com:

JPMorgan’s Q1 results are out, and while the Corporate and Investment Bank (CIB)’s revenue figures went on a bit of a rollercoaster, one thing was more interesting than any revenue figure: the bank, for the first time in over 5 years, reduced its headcount over the first quarter of the year.

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Since the first quarter of 2019, JPMorgan’s CIB has added at least 200 people in the first quarter – and since the start of 2021, it’s added over 700 per year – but this year’s Q1 results show that there was actually a net outflow in the period. It’s only of 37 people, granted, but it's against the norm.

The hiring slowdown comes after JPMorgan cut500 people in the fourth quarter of last year. 

Other than the curious slowdown in hiring, it was a mixed bag for JPM. Capital markets performed strongly, with DCM especially making up nearly half of investment banking fees after an 81% rise in fees compared to Q1 of 2023. M&A suffered in return, falling by over 20% between the two periods.

Fixed income trading was down 7%, whilst equities trading was flat.

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