JPMorgan, Nomura job cuts add to shrinking staff in finance sector

Shrinking staff is an annual tradition for the biggest securities firms, which trim personnel in some areas to expand in others or dismiss under-performers to make way for an incoming class of junior

Automation and new technology are replacing thousands of workers at banks and asset managers around the world, just as consolidation -- including Deutsche Bank AG’s proposed merger with Commerzbank AG -- puts thousands more jobs at risk.

The pressure on headcount follows bouts of volatility that roiled global markets late last year, and investors’ growing preference for passive, low-fee funds that require far fewer workers at asset-management firms. On top of that, financial companies with operations in the UK could slow their hiring ahead of the country’s anticipated exit from the European Union.

Traders may be on high alert for cutbacks after