JPMorgan Chase is understood to be in the process of relocating some of its senior staff out of the financial hub in New York to affordable centers like Ohio, Texas and Delaware. The intention, according to a report, is to curb costs in the event there’s an economic slowdown ahead. Any shift in the investment bank and asset-management group will mainly impact non-client facing roles, but some junior-level investment bankers could be affected. The bank has already laid out plans to move several hundred credit-risk roles from New York to Texas and to relocate some senior-level consumer bank employees there. The bank has also announced that the New York area will no longer act as a center for compliance. The bank is now building a new headquarters in Manhattan that is expected to host as many as 12,000 employees.
