CHICAGO — JPMorgan recently cut four public finance bankers at the executive director level in its New York City and regional offices, market sources said.
The four include: Phil Puccia in the firm’s Boston office, Lorrie Dupont, a higher education banker in the firm’s Chicago office, Christopher Roberts, in the firm’s Los Angeles office and Linda Vanderperre, in New York City. The four could not reached for comment. The cuts were made earlier this month.
A spokeswoman for the bank declined to comment on the information provided by market sources. One source said the layoffs represent less than 2% of the firm’s public finance department and that with about 20 “strategic” hires the firm has made throughout the department so far this year overall staffing levels have held steady.
The cuts mark a second round of layoffs this year. The firm in March confirmed cuts that represented less than 5% of its public finance team. The public finance group includes banking, underwriting, sales and trading, and research.
The firm ranks second among senior managers nationally through Sept. 18 and finished last year in the top slot, according to ThomsonReuters. It has senior managed 251 transactions nationally valued at nearly $30 billion and representing 11.6% of market share. Last year, it led 384 deals valued at $37.4 billion capturing 13.4% of market share.
In the Far West, it ranks third so far this year and was third last year. It ranks second so far this year in the Midwest and was first last year. In the Northeast, it ranks second so far this year and finished first last year.