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Tue 29 Jul 2014 06:57 PM

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Dubai staff said to go in JPMorgan job cuts

Largest US lender is reportedly cutting hundreds of tech support staff in offices in Dubai and its home market

Dubai staff said to go in JPMorgan job cuts

JPMorgan Chase & Co, the largest US lender, is reportedly cutting hundreds of technology support employees in its corporate and investment bank, including some in Dubai.

According to a report by Bloomberg which cited unnamed sources, staff in locations including New York, Tampa, Chicago and Dubai were notified of the cuts this month.

JPMorgan’s corporate and investment bank posted a 12 percent revenue drop to $17.6 billion in the first six months of 2014.

Bloomberg said JPMorgan has cut about 6,000 employees in the first six months of the year, leaving it with 245,192 workers at June 30 and exceeding a forecast in February that it would reduce total headcount by 5,000.

Brian Marchiony, a spokesman for New York-based JPMorgan, declined to comment, it added.

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