There's at least one company that does not buy into the overly optimistic market forecast from JPMorgan's head quant Marko Kolanovic, who expects the S&P to keep rising until 3,000 and sees several more months of consistent buying. JPMorgan itself.
Acording to CityWire, the largest US bank is cutting hundreds of jobs across its asset and wealth management division, with the layoffs mainly affecting support staff and the company's wealth management business.
JP Morgan has over 26,000 employees within its asset and wealth management division and the latest round of redundancies follow similar cuts the group carried out in its asset management division in August last year, which impacted around 100 employees, CityWire adds.
A spokesman for JP Morgan confirmed the jobs cuts, and gave the following statement:
"It is normal course of business for us to review our staffing annually to ensure appropriate levels, and adjust as necessary. We continue to invest in our business and talent, including hiring top advisors in key markets and expanding our product and service offering."