JPMorgan, Nomura Job Cuts Add to Wave of Pullbacks

(Bloomberg)Automation and new technology are replacing thousands of workers at banks and asset managers around the world, just as consolidation — including Deutsche Bank AG’s proposed merger with Commerzbank AG — puts thousands more jobs at risk. The pressure on headcount follows bouts of volatility that roiled global markets late last year, and investors’ growing preference for passive, low-fee funds that require far fewer workers at asset-management firms. On top of that, financial companies with operations in the U.K. could slow their hiring ahead of the country’s anticipated exit from the European Union.

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