JPMorgan has reportedly frozen hiring at most of its departments, including the asset and wealth management group, because of the economic uncertainty caused by the coronavirus pandemic, according to news reports.
The company has asked managers in the asset and wealth management business, as well as in the corporate and investment bank and the consumer unit, to withdraw job listings they don’t need to be filled immediately, people familiar with the matter who asked not to be named tell Bloomberg.
JPMorgan isn’t putting in a hiring freeze at home lending and other units where activity has picked up because of the recent interest rate cuts, the people say, according to the news service.
Uncertainty about the direction of the global economy, as well as the logistics of in-person interviews, prompted the hiring freeze, the people tell Bloomberg.
The company has already temporarily shuttered around 20% of its bank branches in a bid to help contain the spread of the virus, which has infected more than 377,000 people and caused the deaths of at least 16,500 around the world as of Tuesday afternoon.
A spokesperson for the firm declined to comment to the news service.
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