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StanChart increases required wealth levels for private bank clients

Standard Chartered Plc is looking to increase the level of wealth clients will require to use its private banking services, the Financial Times reported April 3, citing "people familiar with the plan."

It will bump up the threshold of investable client assets to $5 million from $2 million in 2017. It will focus on attracting ultra-high-net-worth individuals and families with at least $30 million in such assets, the sources said.

The FT said this will likely lead to some job losses at the bank.