JPMorgan Chase & Co. is cutting about 40 investment bankers in North America, as the Wall Street giant adds to international reductions amid a dealmaking slowdown.

The latest cuts span all levels of seniority, according to people familiar with the matter, who asked not to be identified discussing the plans for personnel. JPMorgan eliminated about 20 investment-banking jobs in Asia earlier this week, on top of a prior round affecting the region.

A spokesperson for JPMorgan declined to comment.

Rising interest rates and economic uncertainty have hampered investment-banking activity for more than a year. Rivals Goldman Sachs Group Inc. and Morgan Stanley have also eliminated thousands of positions in that time.

JPMorgan President Daniel Pinto said last month that the firm expects second-quarter investment-banking fees to decline 15% from the $1.7 billion it pulled in a year earlier. That itself was down 54% from the second quarter of 2021, at the height of a pandemic-fueled deal boom.