JPMorgan cut about 500 jobs this week

May 26 (Reuters) – JPMorgan Chase & Co (JPM.N) is cutting about 500 employees across its various departments this week, according to a person familiar with the situation who asked not to be disclosed when discussing human resources.

The layoffs will affect employees in the bank’s core businesses — consumer banking, commercial banking, asset and wealth management — as well as technology and operations, the source said. JPMorgan is the largest lender in the US.

There are currently more than 13,000 job openings at the bank, the source said.

JPMorgan declined to comment.

On Thursday, a JPMorgan source said the lender laid off nearly 1,000 First Republic Bank employees following its takeover of the bankrupt bank earlier this month.

First Republic became the largest U.S. lender to fail since 2008 after it was seized by regulators in early May and sold to JPMorgan.

According to a filing, JPMorgan’s workforce was 296,877 at the end of the first quarter, up 8% from a year earlier.

CNBC was the first to report on the job cuts.

Reporting by Nupur Anand in New York and Niket Nishant in Bengaluru; Edited by Devika Syamnath and David Gregorio

Our Standards: The Thomson Reuters Principles of Trust.

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