After just over a month since the departure of former Chief Executive Peter Flavel to Coutts in the U.K., J.P. Morgan is said to have culled a number of bankers from its private banking business in Hong Kong and Singapore.
A report in the Financial Times (paywall) is claiming that the US bank has released up to 30 people from its Asian private banking unit. Last week a senior banker, Edwin Lim, the market manager for North Asia at J.P. Morgan’s private bank exited. Lim allegedly was followed by key members of his team.
The recent departures are likely to come from the result of a re-calibration by the bank to concentrate its efforts on ultra high net worth Asian clients with a minimum of $10 million in investable assets, up from a $5-million threshold.
