JPMorgan Said to Cut Almost 100 Employees in Its Private Bank

By
Hugh Son

JPMorgan Chase & Co., the biggest U.S. bank, is cutting almost 100 employees in its private bank, according to a person with knowledge of the move.

The cuts, part of an annual reduction of underperforming employees, include financial advisers and support staff in locations across the U.S., according to the person, who asked not to be identified speaking about personnel.

While banks have cut thousands of employees since the financial crisis, wealth-management operations have been generally spared the worst as the business has grown along with the fortunes of clients. JPMorgan’s asset-management unit, run by Mary Callahan Erdoes, posted a 17 percent increase in first quarter profit to $587 million.

The cuts were reported earlier Monday by the Wall Street Journal.

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