JPMorgan cut about 5% of jobs at its Asia-Pacific wealth-management unit as it refocuses staff on serving clients with higher investment thresholds, a person with knowledge of the matter said.
Bloomberg News reports that the approximately 30 job cuts, which happened this week, involved mostly relationship managers based in Hong Kong and Singapore, said the person, who asked not to be identified discussing private information.
More than 10 staff had left in Hong Kong, the person said. JPMorgan confirmed the reductions in an e-mail, though Marie Cheung, a spokeswoman Hong Kong, declined to comment separately on specific numbers.
While the cuts are at odds with rivals Credit Suisse and UBS who are bulking up their Asian private banks, JPMorgan is aiming to service fewer clients with higher levels of investable assets. The company plans to increase the threshold of investment from clients to $10m from $5m later this year, the person said.
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