World Economy

JPMorgan Cuts Jobs

JPMorgan Cuts JobsJPMorgan Cuts Jobs

JPMorgan Chase & Co has cut 30 jobs, or 5% of its headcount, at its Asia wealth management business, a source with direct knowledge of the matter said, as the US bank sharpens its focus on tapping wealthier clients, Reuters reported. The job cuts would affect the bank’s Singapore and Hong Kong offices, a source said. JPMorgan said in a statement that Edwin Lim, market manager for North Asia high-networth clients, had left the firm. The cuts highlight a decision by the bank to refocus on upper-end Asian clients with $10 million in investable surplus, known as ultra-high net worth individuals, up from a $5-million threshold earlier, the source said.