Home » General World News » The head of JPMorgan’s nearly $2 trillion funds business issued a stark warning for a large group of Wall Streeters (JPM)

The head of JPMorgan’s nearly $2 trillion funds business issued a stark warning for a large group of Wall Streeters (JPM)





Mary Erdoes

  • Mary Erdoes, the head of JPMorgan Chase’s $1.9 trillion asset and wealth management business, painted a bleak future for many Wall Street stock analysts at a conference Thursday.
  • Asset managers like JPMorgan are expected to slash research budgets by as much as 50% in response to European regulatory reform known as MiFID II.
  • That means money to pay analysts will shrink, leaving only top-tier talent with a higher standard of excellence.
  • “I was dealing with 10 of you; I don’t want 10 of you anymore, I only want the five best of you,” Erdoes said.

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Source:: BusinessInsider.Com

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