JPMorgan Chase to lay off 500 employees: Report

Business Monday 29/May/2023 10:50 AM
JPMorgan Chase to lay off 500 employees: Report
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Washington [US]: JPMorgan Chase is planning to let go of about 500 employees across the bank this week, CNN Business reported quoting a company spokesperson.

The layoffs will take place company-wide but it will focus mostly on technology and operations verticals, the report said quoting JPMorgan. The company regularly reviews its business and customer needs and continues to hire in other areas, a JPMorgan spokesperson said.

The bank has more than 13,000 total job openings and employs nearly 300,000 people. JPMorgan is a global leader in investment banking, commercial banking, financial transaction processing and asset management.

The news of the latest 500 job cuts comes just a day after JPMorgan was informed about 1,000 First Republic Bank employees that they will no longer have jobs.

JPMorgan acquired First Republic Bank earlier this month after the San Francisco-based regional bank was seized by the US government.

US-based First Republic Bank was closed on May 1 by the local regulators and entered into an agreement with JPMorgan Chase Bank to purchase and assume all deposits and assets of the troubled bank in a bid to protect depositors.