Mary Callahan Erdoes and her team are making cuts.

J.P. Morgan Asset Management [profile] is laying off about 100 employees, the Wall Street Journal reports. Those cuts translate into one to two percent of JPMAM's staff.

Kristen Chambers, a spokeswoman for JPMAM, declined to reveal which teams will be affected by the cuts.

"We routinely review our coverage model to ensure appropriate staffing levels across a variety of functions," Chambers tells MFWire in an emailed statement. "Any reductions will be relatively small and will not affect our continued investment in client coverage and our business."

Bloomberg, the Financial Times, and Institutional Investor also reported on the news.

The cuts come as J.P. Morgan's asset and wealth management business, led by Callahan Erdoes, continues to grow. It ended Q2 2018 with $2.028 trillion in AUM, up 0.6 percent for the quarter and up 8.1 percent year-over-year. JPMAM brought in $1.826 billion in Q2 2018 revenue, up 2.2 percent for the quarter and year-over-year, and its pretax margin rose to 28 percent, up from 26 percent in Q1 2018 and 27 percent in Q2 2017.

Peoplewise, though, the picture is more mixed. Headcount in J.P. Morgan's asset and wealth management division stood at 23,141 people as of the end of Q2 2018, down 127 for the quarter but up 852 year-over-year. 

Edited by: Neil Anderson, Managing Editor


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