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JPMorgan’s Daniel Pinto says banks need to be ‘very careful’ about cutting dealmaker jobs

Rival Goldman Sachs has started trimming bankers for the first time in two years, but Pinto is urging caution on cuts

By Paul Clarke
'In an environment like this there may be some very, very top bankers that you could not access in the past and are now available for hire'
'In an environment like this there may be some very, very top bankers that you could not access in the past and are now available for hire' Photo: K. Y. Cheng/Getty Images

The head of JPMorgan's investment bank said banks need to be "very careful" about making deep cuts to dealmakers, even as fees slump and rival Goldman Sachs kickstarted Wall Street layoffs.

"Cutting bankers here and there" during a downturn in dealmaking is not the right approach, said Daniel Pinto, chief executive of JPMorgan's corporate and investment bank, adding that it could "hurt the possibility for growth going forward".

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