JP Morgan has made around 100 private banking lay-offs, according to media reports.
JP Morgan has made a round of job cuts affecting around 100 employees in a range of roles and locations, the Wall Street Journal reported, citing “people familiar with the matter”.
The firm declined to comment when contacted by Family Wealth Report, a sister publication to this one.
The news reportedly follows previous rounds of lay-offs across the country in recent months. JP Morgan “has been recalibrating its private bank,” noting that clients will be required to have at least $10 million in investable assets later this year - twice the current minimum of $5 million, the WSJ said.
The WSJ added that its source said the private banking division reviews its employee ranks and culls underperformers “every year”, and that it “continues to actively hire.”