JPMorgan said to trim 5% of jobs at Asia-Pacific unit


Thu, Apr 14, 2016 - Page 15

JPMorgan Chase & Co cut about 5 percent of jobs at its Asia-Pacific wealth-management unit as it refocuses staff on serving clients with higher investment thresholds, a person with knowledge of the matter said.

The job cuts, which happened this week and were said to affect about 30 people, involved mostly relationship managers based in Hong Kong and Singapore, said the person, who asked not to be identified discussing private information.

More than 10 staff had left in Hong Kong, the person said. JPMorgan confirmed the reductions in an e-mail, although Marie Cheung, a Hong Kong-based spokeswoman, declined to comment separately on specific numbers.

While the cuts are at odds with rivals Credit Suisse Group AG and UBS Group AG, who are bulking up their Asian private banks, JPMorgan is aiming to service fewer clients with higher levels of investable assets. The company plans to increase the threshold of investment from clients from US$5 million to US$10 million later this year, the person said.

JPMorgan also confirmed that Edwin Lim (林重庚), market manager of its North Asia high net-worth business, had left the firm. Citywire reported his departure earlier this week.

JPMorgan ranked ninth in Asian Private Banker’s list of the region’s largest private banks last year, with US$65 billion of assets under management. UBS, Citigroup Inc and Credit Suisse led the trade publication’s rankings.

JPMorgan has about 500 Asia-Pacific wealth-management staff. Credit Suisse employs 615 client advisers in the region and plans to boost the number to about 800 by 2018.