JPMorgan Chase & Co., grappling with Wall Street’s worst year for stock-trading since 2008, cut pay at the equities unit about 4 percent and pushed out about three dozen employees, people with knowledge of the moves said.
About two dozen U.S. traders and sales staff were fired, and some senior employees left voluntarily as the unit aligned pay more closely with revenue, said the people, asking to not be identified because the measures aren’t public. The bank also dismissed equity analysts last week, three people said, with one saying about a dozen were affected. Industrywide equities-trading revenue fell 5 percent last year, the third straight annual drop, according to analytics firm Coalition Ltd.
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