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JPMorgan Chase  (JPM) , the largest U.S. bank, is terminating hundreds of workers in its asset and wealth-management division following an annual staffing review. 

"It is normal course of business for us to review our staffing annually to ensure appropriate levels, and adjust as necessary," said Darin Oduyoye, a spokesman for the New York-based bank. "We continue to invest in our business and talent, including hiring top advisors in key markets and expanding our product and service offering."

Banks are under pressure to control costs, especially with the U.S. economy poised to slow this year. Lower growth can reduce demand for new loans, while a recession can lead to widespread defaults by households and businesses on outstanding debt. 

Oduyoye declined to provide the specific number of workers affected.

The amount represents a small fraction of the bank's personnel. Companywide, JPMorgan employed about 256,000 people at the end of 2018, with about 24,000 in the asset- and wealth-management division alone. 

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The job cuts were initially reported by Bloomberg News. 

JPMorgan CEO Jamie Dimon got a 5% raise in total compensation last year to $31 million, as the lender's pretax income increased by 14%, with revenue outpacing expenses. 

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