J.P. Morgan has announced the global discontinuation of services for its investment analytics subsidiary, Aumni.

The move will impact the bank’s operations in the Philippines, with approximately 250 employees expected to be affected across Manila, Cebu, and Baguio.

In a statement released on Tuesday, 2 December, the US-based financial giant explained that the decision followed a routine review of its product offerings.

“J.P. Morgan regularly reviews its products and client offerings and we have taken the decision to discontinue Aumni’s services globally, which includes its operations in the US, UK, India and the Philippines,” the bank stated.

J.P. Morgan acquired Aumni in March 2023 to enhance analytics capabilities for venture capital clients. However, the bank has now decided to phase out the service worldwide.

The reduction affects a small fraction of J.P. Morgan’s significant footprint in the Philippines. The estimated 250 affected roles represent approximately 1% of the bank’s local workforce, which exceeds 25,000 employees spread across major hubs.

These sites provide critical support for the bank’s global operations, ranging from technology to customer service.

Regarding the affected staff, reports indicate that J.P. Morgan has initiated redeployment efforts. Transition discussions are reportedly underway to match the skills of affected employees with open positions across other business lines within the organisation.

Despite the closure of this specific unit, the bank emphasised its continued investment in the country.

“J.P. Morgan remains committed to the Philippines and the country continues to be a critical hub for our operations globally,” the bank added.

Featured image by The Yuri Arcurs Collection via Freepik.