The head of JPMorgan’s nearly $2 trillion funds business issued a stark warning for a large group of Wall Streeters (JPM)
|11/11/2017||Posted by BusinessMediaguide.Com under General World News||
- 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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