JPMorgan cuts hundreds of staff in asset, wealth-management: report

JPMorgan Chase is cutting hundreds of employees in its asset and wealth management divisions, Bloomberg News reported. 

A person familiar with the layoffs told Bloomberg News that the staff cuts, which would impact operations globally, were taking place after a periodic review of staff. 

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A spokesman for the bank told Bloomberg that the cuts were "normal course of business" as the bank reviews its "staffing annually to ensure appropriate levels," and to "adjust as necessary.”

“We continue to invest in our business and talent, including hiring top advisers in key markets and expanding our product and service offering,” the spokesman also told the news site. 

JPMorgan Chase did not immediately reply to a request for comment from The Hill.

The financial company currently employs around 24,000 people at its various multinational offices, according to Bloomberg. It is currently ranked the sixth-largest bank in the world.