Bloomberg News

JPMorgan Said to Cut About 100 Workers in Treasury Services Unit

February 03, 2012

Jan. 25 (Bloomberg) -- JPMorgan Chase & Co.’s Treasury and Securities Services division dismissed about 100 people, less than 1 percent of the unit’s workforce, as part of the bank’s periodic staff adjustments, said a person briefed on the move.

The unit, which employed 27,825 workers at the end of 2011, isn’t planning widespread reductions, the person said, speaking on condition of anonymity because the move hasn’t been made public. The bank informed employees yesterday, the person said.

The division, run by Michael Cavanagh, handles payments- processing and cash-management services for institutional clients such as MF Global Holdings Ltd., which filed for bankruptcy Oct. 31. Dealbreaker.com reported earlier today that the unit was cutting jobs.

Joe Evangelisti, a spokesman for the New York-based company, declined to comment.

--Editors: David Scheer, Dan Kraut

To contact the reporter on this story: Dawn Kopecki in New York at dkopecki@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net


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