The firm declined to comment when contacted by Family Wealth Report.

The news reportedly follows previous rounds of layoffs across the country in recent months. The WSJ said 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 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.”