JPMorgan is cutting about 500 jobs
May 27, 2023
New York [US], May 27 : JPMorgan Chase is letting go of about 500 employees this week across the bank, a spokesperson confirmed to CNN on Friday (local time).
The layoffs, first reported by CNBC, are taking place company-wide but will focus mostly on technology and operations, JPMorgan said.
A JPMorgan spokesperson said the company regularly reviews its business and customer needs and continues to hire in other areas. The bank has more than 13,000 total job openings and employs nearly 300,000 people.
The news comes just a day after JPMorgan informed about 1,000 First Republic Bank employees that they will no longer have jobs.
JPMorgan acquired most of First Republic's assets earlier this month after the San Francisco-based regional bank was seized by the government, according to CNN Business. It marked the second-biggest bank failure in US history.
A JPMorgan spokesperson told CNN that the bank updated all First Republic employees on Thursday about their future employment status and the vast majority -- or nearly 85 per cent -- have been offered a transitional or full-time role.
That leaves 15 per cent, or about 1,000, First Republic employees who are not receiving an employment offer. News of the job impact was previously reported by the Financial Times.
JPMorgan said the company's May 1 deal with the Federal Deposit Insurance Corporation to buy most of First Republic did not include all of the company's employees.
