JPMorgan Chase has shed 30 jobs at its Asia wealth management unit, as it refocuses on serving wealthier clients.
The layoffs, which equate to 5% of its workforce in the region, mostly involved relationship managers in Hong Kong as well as Singapore, according to media reports. Over 10 employees had been laid off in Hong Kong.
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"We constantly review our coverage to ensure that clients are aligned with the advisers," the US banking major said in a statement.
The move comes as JP Morgan shifts its focus to richer Asian clients with investable assets of over $10m, up from the previous threshold of $5m.
Over the last year, the US bank combined its private wealth management and private banking operations.
In addition, the lender also confirmed the departure of its market manager for North Asia high-networth clients Edwin Lim.
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