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.”