Hundreds of jobs are facing the ax from the global financial services firm's asset and wealth divisions, which will have an impact on its Asia business.

J.P. Morgan Chase & Co is set to dismiss hundreds of its staff from across its asset and wealth management divisions, Bloomberg reported, quoting a person briefed on the matter.

According to the source, the bank is reducing the number of employees in support roles across the unit and laying off some of its wealth management staff. This follows a round of cuts in August, when JPMorgan laid off about 100 asset management workers following a review.

«Normal Course of Business»

«It is normal course of business for us to review our staffing annually to ensure appropriate levels, and adjust as necessary. We continue to invest in our business and talent, including hiring top advisors in key markets and expanding our product and service offering,» a spokesperson from J.P. Morgan Private Bank in Hong Kong said to finews.asia when contacted about the matter.

J.P. Morgan employed nearly 24,000 people in asset and wealth management at the end of last year, 4 percent more than in 2017, according to a regulatory filing, Bloomberg reported.