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Jamie Dimon. Photo: Justin Sullivan/Getty Images

JPMorgan CEO Jamie Dimon is considering selling off the company's Manhattan headquarters and cutting or relocating employees to U.S. cities that boast cheaper costs and better tax benefits.

What's happening: It's part of a plan to insulate the company from a looming economic downturn, Bloomberg reported Monday, citing anonymous sources.

  • "JPMorgan is tightening its belt more than in previous years amid a growing number of potential pitfalls for the economy," Bloomberg's Michelle Davis writes.
  • "Cost cuts were the focus of a town-hall meeting with finance employees earlier this year that marked Jennifer Piepszak’s first as chief financial officer, a person with knowledge of the matter said."

Why it matters: JPMorgan is the latest company, and one of the largest, reported to be making serious efforts to roll back spending as fears of a global recession or a large-scale downturn scare more U.S. companies into being prudent.

  • More companies are using excess capital to reduce debt and add to cash reserves, rather than levering up and making risky bets as they have in the past.
  • These moves could help cushion the economy from another damaging recession.

To wit: IAC, the $19 billion company that owns 80% of online dating behemoth Match Group and a slew of other online properties, has increased its cash balances to the highest level in 15 years. CFO Glenn Schiffman tells Axios the company has built up its cash position to $2.7 billion in anticipation of a downturn.

  • "It's incontrovertible that global growth is slowing," Schiffman says, noting that there are a number of indicators that suggest "the economy may be feeling some friction and may be about to turn over."
  • Some of those factors, like slowing M&A activity globally and a tighter market for IPOs, venture capital and private equity, are providing some opportunities for the company when it comes to potential acquisitions, he adds.

The bottom line: The kind of profligate spending that was prominent ahead of the global financial crisis has been pared back significantly in recent months, with companies preparing for the economy to slow, Bernard Baumohl, chief global economist at the Economic Outlook Group, told Axios in August.

Editor's note: This piece reflects IAC's correction of its stated cash balance, which is $2.7 billion.

Go deeper

Bryan Walsh, author of Future
Updated 3 hours ago - Technology

A dark view of the future of autonomous weapons

A still from the video "If Human: Kill ( )." Image: Future of Life Institute

A new short film warns of the coming risks posed by the development and proliferation of lethal autonomous weapons.

Why it matters: Drones with the ability to autonomously target and kill without the assistance of a human operator are reportedly already being used on battlefields, and time is running out to craft a global ban of what could be a destabilizing and terrifying new class of weapon.

Updated 4 hours ago - Politics & Policy

Omicron dashboard

Illustration: Shoshana Gordon/Axios

  1. Health: Coronavirus variant surveillance varies widely by state — Omicron cases confirmed in 5 U.S. states America probably won't lead the effort to understand Omicron.
  2. Vaccines: Omicron adds urgency to vaccinating world — Omicron fuels the case for COVID boosters — Moderna loses patent battles tied to COVID vaccine — Pfizer could have vaccine data for children under five by end of 2021, CEO says.
  3. Politics: Nevada to impose insurance surcharge on unvaccinated state workers — New Jersey GOP lawmakers defy statehouse COVID policy — Oklahoma sues Biden administration over Pentagon vaccine mandate — Omicron travel bans are sign of what's to come.
  4. World: WHO: Delta health measures help fight Omicron — COVID cases surge in South Africa in sign Omicron wave is coming — Germany approves new restrictions for unvaccinated people.
  5. Variant tracker: Where different strains are spreading.
Updated 9 hours ago - Politics & Policy

Prosecutors charge parents of Michigan school shooting suspect

Photo: Scott Olson/Getty Images

The parents of a 15-year-old accused of killing four students and wounding seven other people at a Michigan high school have been charged with four counts of involuntary manslaughter, according to court documents.

The latest: Lawyers for James and Jennifer Crumbley told the Detroit News they are "returning to the area to be arraigned," after law enforcement officials announced a search for the Crumbleys had been initiated.