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.
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The hiring slowdown comes after JPMorgan cut 500 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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