JPMorgan is cutting almost 100 employees in its private bank, according to a person with knowledge of the move.
Bloomberg News reports that the cuts, part of an annual reduction of underperforming employees, include financial advisers and support staff in locations across the U.S., according to the person, who asked not to be identified speaking about personnel.
In the meantime, Reuters reports that Sanjay Jain is returning to J.P. Morgan from a year-long sabbatical to become its head of Europe, the Middle East and Africa (EMEA) technology investment banking, a source familiar with the matter said.
Jain will relocate to London in August and report to Jake Donavan, head of industry coverage for corporates in EMEA, according to the source.
The cuts were reported earlier Monday by the Wall Street Journal. The Journal previously reported that J.P. Morgan’s private bank clients later this year will be required to have at least $10 millionin investible assets, twice the current minimum of $5m.