- JPMorgan Chase cut about 500 positions this week, mostly at technology and operations groups, according to those in the know.
- The cuts were spread across the major divisions of the New York-based company, said the people, who did not want to be identified on personnel matters.
- The layoffs come at the same time JPMorgan is trying to fill about 13,000 open positions, one of the people said.
The headquarters of JPMorgan Chase & Co. in New York, USA, on Wednesday, January 18, 2023.
Gabby Jones | Bloomberg | Getty Images
JPMorgan Chase cut about 500 positions this week, mostly at technology and operations groups, according to those in the know.
The cuts were spread across the New York-based company’s key divisions: retail and commercial banking, wealth and wealth management, and corporate and investment banking, the people said, who did not want to be identified over human resources.
Like many financial firms, JPMorgan cuts staff periodically throughout the year, even as it hires thousands of employees to fill positions. The bank has about 13,000 open positions, one of the people said.
Under CEO Jamie Dimon, JPMorgan has been in growth mode of late, most recently acquiring failed regional bank First Republic in a government-brokered deal. This week, JPMorgan offered jobs to about 85% of First Republic’s roughly 7,000 employees.
JPMorgan had 296,877 employees as of March 31, 8% more than a year earlier.
The bank declined to comment on its staffing decisions.