We measured in situ rates of primary production, zooplankton grazing and the fine-scale distribution of zooplankton abundance, along with continuous observations of salinity, temperature and fluorescence in vertical profiles of two warm-core Gulf Stream rings and a station in the northern Sargasso Sea. A subsurface chlorophyll maximum was located within the pycnocline at all nineteen of the pump stations. In the majority of pump profiles, subsurface chlorophyll maxima coincided with maxima in particulate organic carbon and ATP. However, neither zooplankton biomass or numerical abundance were related to chlorophyll concentrations. Maxima in zooplankton biomass and grazing generally occurred at depths of highest primary production. Zooplankton grazing and biomass were more closely coupled to phytoplankton production per unit chlorophyll (P-chl) rather than production per unit volume (absolute production). Our results suggest that after the seasonal thermocline is established, phytoplankton removal by zooplankton is greatest in the upper water column where P-chl is higher. This phytoplankton removal by zooplankton limits the amount of absolute primary production in the upper water column and results in a subsurface maximum of absolute production at depths where grazing pressure is reduced. In contrast, the subsurface chlorophyll maximum, likely formed from both production at depth and sinking, does not appear to be a site of enhanced zooplankton grazing activity.