'Laser focussed' on reducing costs.
JPMorgan's new solo head of its investment bank said he would be 'laser focussed' on reducing costs as the industry is likely to face a tough couple of years in terms of growing revenues.
'For the next year or two the industry's top-line will probably struggle. The long-term trends are good, but in the short term we need to adjust to the new reality', said Daniel Pinto, chief executive of the corporate and investment bank (CIB) at JPMorgan Chase.
Reuters reports that rivals including Barclays and UBS are in the process of shrinking their investment banks in a bid to slash costs, after a slump in trading revenues over the past year and tougher regulations are forcing banks to hold more capital and making some areas unprofitable.
But Pinto, who took sole charge of CIB in March after running it for two years with Michael Cavanagh, said there would be no big change in strategy.
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