The US-listed bank issued first-quarter results as the Q1 results season in the US and other regions kicked into gear.

JP Morgan has today reported net income of $5.5 billion for the first quarter of 2016, down 7 per cent from $5.9 billion a year ago.

Net revenue was $24.1 billion, down 3 per cent; non-interest revenue was $12.4 billion, down $1.5 billion, primarily due to the market environment impacting the results of corporate and investment banking and asset management, the US-listed firm said.

The provision for credit losses was $1.8 billion compared with $959 million in the prior-year quarter, due mainly to reserve increases in the current quarter versus the prior-year quarter.

Assets under management stood at $1.7 trillion, down 5 per cent because of lower market levels, outflows from liquidity products and the sale of an asset. This was partially offset by net inflows to long-term products, JP Morgan said. Net income from asset management unit was $587 million, up 17 per cent. Net revenue slipped 1 per cent, however, to $3.0 billion.

Private banking client assets stood at $428 billion, down 3 per cent year-on-year from $440 billion at end-March 2015.

Meanwhile, the bank has reportedly cut about 5 per cent of jobs - around 30 roles - at its Asia-Pacific wealth management unit as it refocuses staff on serving clients with higher investment thresholds, Bloomberg reported today, citing a person with knowledge of the matter. This publication is in contact with the bank seeking comment and may update in due course.