JPMorgan cuts 5 pct of Asia wealth management jobs: Source – CNBC
7 months ago Comments Off on JPMorgan cuts 5 pct of Asia wealth management jobs: Source – CNBC
British lender Barclays earlier this month agreed to sell its wealth and investment management business in Hong Kong and Singapore to Oversea-Chinese Banking Corp.
“At J.P. Morgan, we constantly review our coverage to ensure that clients are aligned with the advisors who are best suited to meet their needs,” the JPMorgan spokeswoman said in the statement.
“Our integrated team approach to service our clients will remain unchanged and fully covered,” the statement said, adding the bank remained open to hiring more in the region to grow its wealth management business.
JPMorgan’s shift in strategy for its wealth management unit began a few months ago and saw the departure of several private bankers who were targeting the high-net-worth segment, typically with about $5 million liquidity, private banking sources said.
Peter Flavel, the former JPMorgan chief executive of private wealth management at Asia Pacific, joined Royal Bank of Scotland Group’s Coutts & Co. and Adam & Co. in February.
JPMorgan cuts 5 pct of Asia wealth management jobs: Source – CNBC}