Citing people familiar with the matter, Bloomberg reported that corporate and investment banking, consumer and asset- and wealth-management groups have been asked by the bank to review job postings and pull listings for roles that aren’t immediately needed.
The hiring restrictions come as JPMorgan and other financial institutions face a confluence of pandemic-caused conflicting events: a global economic shutdown that has made financial markets more volatile than at any time in history, damaged portfolios and returns, created extreme economic uncertainty and strained internal resources.
Some JPMorgan operations such as home lending, where business has ramped up due to low interest rates, are excluded from the freeze, according to Bloomberg.
JPMorgan said last week it would temporarily shut about 1,000 of its branches across the country - about 20% of them - and has shortened operating hours at those that remain open.
The memo replaces guidance that had barred traders from taking, executing or amending orders at home without prior management approval, according to the documents seen by the Financial Times.
Shares of JPMorgan were up 5.81% at $83.62 in trading on Tuesday. Shares of Bank of America were up 6.08% at $19.18.
Catch up on the Latest Videos on TheStreet!
- ‘We’re at War:’ Trump on Coronavirus in New York, Washington, California, Rand Paul, Economy
- Where Stocks Finished the Week, What Wall Street Says to Do Now
- How This Small Biotech Player Is Racing Gilead, Moderna to Coronavirus Treatment
- A Legal Look at the Drugs Being Used to Potentially Treat Coronavirus
- Jim Cramer on the New York Stock Exchange's Decision to Temporarily Close
- Notable Stock Market Halts and Closures Throughout History
- Laid Off? Here's What Jim Cramer Says to Do With Your Investments
- Jim Cramer's Advice for Investors Worried About Their Jobs
- What Is the Coronavirus? Answers to Most Asked Questions
- Acorns CEO on How Younger Investors Can Fare During Market Volatility
- Real Money: Is Now the Time to Buy Cheap Stocks?
- Retirement Daily: Don’t Retire With Debt: It’s Bad for Your Well-Being