The Wall Street Journal reports today that J.P. Morgan will cut more than 5,000 jobs “in an effort to trim costs and become more efficient.”
Apparently included in these cuts are “[s]ome employees in the ‘controls’ part of the bank, such as those in legal or compliance…as the bank trims departments that have grown markedly over the past few years.”
J.P. Morgan previously ramped up its hiring in AML. It was reported, for example, that the bank hired 3,000 people for compliance in 2013.