HONG KONG (April 13): JPMorgan Chase & Co cut about 5 per cent of jobs at its Asia-Pacific wealth-management unit as it refocuses staff on serving clients with higher investment thresholds, a person with knowledge of the matter said.

The approximately 30 job cuts, which happened this week, involved mostly relationship managers based in Hong Kong and Singapore, said the person, who asked not to be identified discussing private information.

More than 10 staff had left in Hong Kong, the person said.

Marie Cheung, a spokeswoman for JPMorgan in Hong Kong, declined to comment.