JPMorgan Chase axes about 100 asset management employees

JPMorgan Chase & Co. is dismissing about 100 workers in its asset-management division after a business review, according to a person briefed on the matter. The cuts are global and range across several businesses in the group, said the person, who asked not to be identified because the matter is private. (More: JPMorgan offer of free trades hits discount brokerages) "We routinely review our coverage model to ensure appropriate staffing levels across a variety of functions," Kristen Chambers, a spokeswoman for the New York-based bank, said in a statement. The reductions will be "relatively small" and won't affect investment in client coverage, she said, declining to provide more details. The staff changes represent about 1% to 2% of the division, according to the Wall Street Journal, which reported the news earlier Wednesday. JPMorgan's asset-management revenue climbed 4% in the first half to $3.61 billion. (More: Jamie Dimon of JPMorgan Chase sees opportunity to increase share of wealth management market)