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Chase cuts 20% relationship managers at Asia unit

JPMorgan Chase has axed around 30 relationship managers from its Asia private bank unit. The bank has earlier decided to focus on a smaller pool of richer clients, which eventuated in the staff cut equivalent to 20% of its relationship managers in the region.  The bank has doubled the required investable assets for its clients, resulting in less work for its managers. JPMorgan’s private bank in Asia employed 135 relationship managers at the end of 2015 and had about $ 65 billion in assets under management last year.

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