J.P. Morgan shuts Aumni analytics unit, 250 Philippine jobs hit
MANILA, PHILIPPINES — American banking giant J.P. Morgan announced the global shutdown of its investment analytics platform, Aumni, impacting approximately 250 employees in the Philippines.
According to an Insider PH report, the move affects operations in Manila, Cebu, and Baguio, representing about one percent of the bank’s 25,000-strong Philippine workforce.
J.P. Morgan ends Aumni after global product review
In a December 2 statement, a J.P. Morgan spokesperson said, “J.P. Morgan regularly reviews its products and client offerings and we have taken the decision to discontinue Aumni’s services globally, which includes its operations in the US, UK, India and the Philippines.”
“J.P. Morgan remains committed to the Philippines and the country continues to be a critical hub for our operations globally,” the spokesperson added.
Aumni, founded in 2018 and acquired by J.P. Morgan in March 2023, provided cloud-based analytics for the venture capital industry, helping investors monitor portfolios, analyze private market data, and track legal and economic terms of growth-stage transactions.
The platform was intended to strengthen the bank’s analytics capabilities in venture capital, but a routine internal review of J.P. Morgan’s product portfolio led to its discontinuation.
While the shutdown affects a small portion of its workforce, the bank emphasized ongoing efforts to redeploy affected staff across other business units.
According to information provided to Insider PH, early discussions focus on matching employees’ skills with openings in different business lines.
Philippines stays key hub in J.P. Morgan global network
Despite the closure of Aumni, J.P. Morgan continues to invest in its Philippine operations, one of its largest global corporate centers.
The firm highlighted that Metro Manila, Cebu, and Baguio remain critical sites for supporting international markets through operations, technology, and customer support.
“While Aumni is discontinuing its services, the firm continues to prioritize and invest in its relationships with venture capital firms, portfolio companies and the greater innovation economy,” the spokesperson said.
J.P. Morgan has evidenced a positive view on Philippine equities and the whole Southeast Asian market, predicting a regional earnings recovery by the year 2026 which will be backed by an increase in earnings of about seven percent and 15 percent valuation re-rating in the MSCI ASEAN Index.
The Aumni closure is a sign of a larger trend where global financial institutions are not only getting rid of their niche technology operations but also keeping their big local hubs.
The Philippines still has the upper hand when it comes to its talented workforce, which makes the country a stronghold for the goods of analytics, operations, and customer support for future investments and redeployment.
