JPMorgan Implements Workforce Reduction, Cutting 500 Employees Across Divisions

JPMorgan Chase & Co (JPM.N) is implementing a workforce reduction this week, impacting approximately 500 employees across multiple departments, as disclosed by an anonymous source familiar with the matter.

The layoffs will affect various divisions within the bank, including consumer and commercial banking, asset and wealth management, as well as technology and operations. JPMorgan, being the largest U.S. lender, is making strategic adjustments in its workforce composition.

The bank now has around 13,000 employment opportunities, according to the source.
JPMorgan declined to comment.

According to a JPMorgan source, the lender laid off over 1,000 First Republic Bank staff after acquiring the bankrupt bank earlier this month.

After being seized by regulators and sold to JPMorgan in early May, First Republic became the largest US lender to collapse since 2008.

According to a filing, JPMorgan's staff was 296,877 at the end of the first quarter, up 8% from the previous year.