The firm is planning to downsize its asset management division.

US banking giant JP Morgan has said that any asset management layoffs will not affect its “continued investment in client coverage and business”. Media reports said that the firm is dismissing about 100 staff in its asset-management division after a business review. The cuts are global and range across several businesses in the group.

A spokesperson for the firm said: “We routinely review our coverage model to ensure appropriate staffing levels across a variety of functions. Any reductions will be relatively small and will not affect our continued investment in client coverage and our business.”

The staff changes represent about one per cent to two per cent of the division, according to the Wall Street Journal.

JP Morgan’s asset-management revenue climbed by four per cent in the first half to $3.61 billion.