- JPMorgan Chase cut about 500 positions this week, mostly among its technology and operations groups, according to people familiar with the move.
- The cuts are spread across major divisions at the New York-based firm, said the people, who declined to be identified to discuss personnel matters.
- The layoffs come even as JPMorgan looks to fill about 13,000 open positions, one of the people said.
JPMorgan Chase & Co. headquarters. in New York, USA, on Wednesday, January 18, 2023.
Gabby Jones | Bloomberg | Getty Images
JPMorgan Chase cut about 500 positions this week, mostly among its technology and operations groups, according to people familiar with the move.
The cuts are spread across the New York-based company’s main divisions, which include retail and commercial banking, wealth and asset management and its corporate and investment bank, said the people, who declined to be identified discussing personnel matters.
Like many financial firms, JPMorgan periodically cuts staff throughout the year, even as it hires thousands of workers to fill roles. 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 buying failed regional bank First Republic in a government-brokered deal. This week, JPMorgan offered positions to about 85% of First Republic’s roughly 7,000 workers.
JPMorgan had 296,877 employees on March 31, 8% more than a year earlier.
The bank declined to comment on its personnel decisions.