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Money Management

J.P. Morgan Asset Management laying off 100 people

J.P. Morgan Asset Management (JPM) is laying off about 100 people, confirmed Kristen Chambers, a company spokeswoman, in an email.

Ms. Chambers declined to comment on specific reasons for the staff reduction and about other details, such as which departments are impacted, the timing of the departures and which of the firm's offices around the world will have the most layoffs.

Ms. Chambers said in her email that JPMAM "routinely review(s) our coverage model to ensure appropriate staffing levels across a variety of functions. Any reductions will be relatively small and will not affect our continued investment in client coverage and our business."

The asset management division of J.P. Morgan employs about 7,000 people worldwide.

As of June 30, J.P. Morgan Asset Management managed $2.028 trillion of which $937 billion was for institutional investors worldwide.

JPMAM experienced net inflows in the second quarter of $21 billion and performance losses of $9 billion, compared with net outflows of $5 billion and performance losses of $13 billion in the first quarter.