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JPMorgan Chase to cut 500 jobs this week across multiple departments: Report

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JPMorgan Chase, the largest US lender, is undergoing a workforce reduction this week, with approximately 500 employees being laid off across multiple departments, according to CNBC and Reuters reports.

The layoffs will impact various divisions within JPMorgan, including consumer banking, commercial banking, asset and wealth management, as well as technology and operations. These reductions reflect the bank's ongoing efforts to optimise its operations and adapt to evolving market conditions.

Additionally, the source revealed that despite the current layoffs, JPMorgan has over 13,000 job openings available within the organisation. This indicates that the bank remains committed to strategic growth and continues to seek talent in specific areas that align with its long-term objectives.

JPMorgan has not officially commented on the layoffs yet.

In a separate development, it was reported that JPMorgan is also reducing the workforce of First Republic Bank, a financial institution it recently acquired after the latter's failure. Following its seizure by regulators and subsequent sale to JPMorgan in early May, First Republic Bank became the largest US lender to collapse since the financial crisis of 2008. Around 1,000 employees of First Republic Bank are expected to be affected by these layoffs.

As of the end of the first quarter, JPMorgan's workforce totalled 296,877 employees, representing an 8 per cent increase compared to the previous year, as stated in a regulatory filing. Despite the current layoffs, this figure highlights the bank's sustained growth over the past year.

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