According to a company spokesperson, JPMorgan Chase plans to lay off about 500 employees this week across the bank.
According to the report, the layoffs will occur throughout the company, but will be concentrated primarily in the technology and operations verticals. According to a JPMorgan spokesperson, the company reviews its business and customer needs on a regular basis and continues to hire in other areas.
The bank currently has over 13,000 job openings and employs nearly 300,000 people. JPMorgan is the world’s largest investment bank, commercial bank, financial transaction processor, and asset manager.
The latest 500 job cuts come just one day after JPMorgan informed about 1,000 First Republic Bank employees that they would be laid off. JPMorgan acquired First Republic Bank earlier this month after the US government seized the San Francisco-based regional bank.
Local regulators closed the US-based First Republic Bank on May 1 and entered into an agreement with JPMorgan Chase Bank to purchase and assume all deposits and assets of the troubled bank in order to protect depositors.
