The reductions come after months of sluggish markets that have depressed dealmaking across Wall Street and prompted banks to lay off thousands of employees.

JPMorgan’s investment banking and trading revenue are both expected to decline 15% in the second quarter, its president Daniel Pinto warned last month.

Rivals Goldman Sachs Group, Morgan Stanley and Citigroup have also laid off investment bankers as uncertainty weighs on economic activity.

JPMorgan’s staff reductions are typical given the environment, the source said, noting that the bank is still hiring executives and bankers in key areas. Bloomberg first reported about the job cuts on Friday.