- JPMorgan Chase cut about 500 positions this week, mostly in technology and operations teams, people with knowledge of the move said.
- The cuts were spread across major divisions of the New York-based company, said the people, who spoke on condition of anonymity because they were dealing with personnel matters.
- The layoffs come as JPMorgan looks to fill about 13,000 open positions, one of the people said.
JPMorgan Chase & Co. Headquarters in New York, US, Wednesday, January 18, 2023.
Gabby Jones | Bloomberg | Getty Images
JPMorgan Chase cut about 500 positions this week, mostly in technology and operations teams, people with knowledge of the move said.
The cuts were spread across the New York-based retail and commercial banking, asset and wealth management and corporate and investment banking divisions, said the people, who declined to be identified speaking about personnel matters.
Like many financial firms, JPMorgan cut staff regularly throughout the year, even as it hired thousands of additional employees to fill roles. The bank has about 13,000 vacancies, a person said.
Under CEO Jamie Dimon, JPMorgan has been in growth mode of late, most recently with the state-brokered acquisition of failed regional bank First Republic. This week, JPMorgan laid off 85% of First Republic’s roughly 7,000 employees.
JPMorgan had 296,877 employees as of March 31, up 8% from a year ago.
The bank declined to comment on the employee’s decision.