JP Morgan Chase has hired 50 staff across its global commodities division over the past five months, including five managing directors, an area in which the bank is keen to build despite cutting 100 investment banking jobs earlier this month.

JP Morgan is planning to cut jobs across its investment bank, with asset-backed securities and collateralised-debt obligations bearing the brunt of the cuts. JP Morgan's investment banking profits collapsed 70% after a $1.3bn writedown in its leveraged loan holdings and a $339m writedown of its collateralised debt obligation portfolio.