Daily News: February 15, 2013

Bloomberg: JPMorgan Fires Equity Traders

Bloomberg reported, citing sources, that JPMorgan Chase has dismissed about two dozen of its equity traders and sales staff in the U.S. following a decline in revenues of its equities division.

Bloomberg said some executives, who found their bonuses slashed compared to their fixed income counterparts, decided to quit on their own. The bank had decided to peg salaries and perks with revenue generated.

The report said of those who were affected by the job cuts, there are three managing director and 18 executive directors, including such well-known names as Andrew Crofton and Julian Plant. Bloomberg also noted, citing sources, that Kevin Smart, a vice president in the unit, also lost his job, while equities derivatives traders and sales people also were affected.

To read the entire Bloomberg report, click here.