JPMorgan chops Asia wealth management workforce by 5%

Added 14th April 2016

JPMorgan Chase has cut around 30 jobs at its Asian wealth management businesses in Hong Kong and Singapore, as the US bank increases its focus on a smaller pool of wealthier clients.

JPMorgan chops Asia wealth management workforce by 5%

The cuts come after the bank doubled the required investable assets for its clients to $10m, resulting in less work for its managers, reports the Financial Times, citing people familiar with the situation.

The departure of Edwin Lim, market manager of JPMorgan’s north Asia high net worth business, has been confirmed.

The bank declined to provide further details.

Barclays sale

Confirmation of the job cuts comes barely a week after Barclays agreed to sell its wealth and investment management businesses in Singapore and Hong Kong to Oversea-Chinese Banking Corp (OCBC).

The decision to sell the wealth management units formed part of Barclays’ chief executive Jes Staley’s restructuring programme, which has seen the British bank reassess its Asian strategy.  

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