American bank J.P. Morgan announced Tuesday that it is discontinuing Aumni’s services worldwide, affecting operations in the United States, United Kingdom, India and the Philippines.
The decision, which comes just over two years after the acquisition, affects Aumni’s operations worldwide.
The bank said in a statement the shutdown resulted from a regular review of the firm’s products and client offerings.
The discontinuation of Aumni’s services is expected to impact about 250 employees in the Philippines, representing about 1 percent of J.P. Morgan’s total 25,000-strong workforce in the country.
The US-based banking giant said in a statement it remains committed to the Philippines, which it continues to view as a critical hub for its global operations.
Aumni, founded in 2018, specialized in providing investment analytics software to the venture capital industry, analyzing private market data, managing venture documents and monitoring portfolio company performance.The said it is working to find alternative positions within the firm for a number of the impacted employees.
