JP Morgan Chase is in the process of laying-off around 100 employees from its asset management division globally following a review of the business, according to sources familiar with the matter.
The changes represent around 1% to 2% of the arm, according to the Wall Street Journal, and will be seen across the business and in cities over the world.
The move was spurred by an internal review which identified potential staff changes in fixed income, equity, administration and sales groups.
A JP Morgan spokesperson commented: "We routinely review our coverage model to ensure appropriate staffing levels across a variety of functions.
"We cannot comment on specific details, but the changes will involve a variety of functions across the business globally.
"Any reductions will be relatively small and will not affect our continued investment in client coverage and our business."
At the beginning of the year, JP Morgan CEO Jamie Dimon warned the firm could relocate more than a quarter of its 16,000 UK workforce if financial rules changed dramatically once the UK leaves the European Union.
He added: "If we cannot find reciprocal recognition of rules - and there are a lot of people who are mad with the Brits for leaving and want their pound of flesh - then it could be bad. It could be more than 4,000."
A spokesperson for the firm's UK business declined to comment.
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