NEW YORK (BLOOMBERG) – JPMorgan Chase & Co is dismissing hundreds of workers in its asset and wealth-management division after a periodic review of staffing, according to a person briefed on the matter.

The bank is reducing the number of employees in support roles across the unit and laying off some wealth-management workers, said the person, who asked not to be identified discussing internal strategy.

“It is normal course of business for us to review our staffing annually to ensure appropriate levels, and adjust as necessary,” Darin Oduyoye, a spokesman for the New York-based bank, said in a statement. “We continue to invest in our business and talent, including hiring top advisers in key markets and expanding our product and service offering.”

JPMorgan employed nearly 24,000 people in asset and wealth management at the end of last year, four per cent more than in 2017, according to a regulatory filing. Citywire reported the news earlier on Wednesday (March 27).

The bank made staff cuts last August, when it dismissed about 100 workers in asset management after a business review.

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