Bucking the trend.
The Financial Times reports that JPMorgan added 1,240 staff to its asset management division last year in a further sign that global institutions are trying to counter the declining influence of the banking sector by pushing into the investment industry.
The US bank increased the number of employees in its asset management arm by 6 per cent to 20,975 over the course of 2015, according to the bank’s fourth-quarter results statement published last week.
The increase contrasted sharply with hiring practices elsewhere at the bank. JPMorgan’s headcount fell 3 per cent to 241,359 over the year, with a 10,000 drop in the number of employees in consumer banking.
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