JPMorgan Chase & Co Headquarters in Recent York, USA, Wednesday, January 18, 2023
Gabby Jones | Bloomberg | Getty’s paintings
JPMorgan Chase cut about 500 jobs this week, mostly in technology and operations groups, in response to people accustomed to the move.
The cuts were spread across the Recent York firm’s core retail and business banking divisions, asset and wealth management and its corporate and investment bank, said individuals who declined to be identified for personnel matters.
Like many financial firms, JPMorgan periodically cuts staff numbers all year long, at the same time as it hires 1000’s of additional staff for positions. The bank has about 13,000 open positions, one among the people said.
Under the leadership of CEO Jamie Dimon, JPMorgan has recently been on the rise, recently acquiring failed regional bank First Republic in a government-brokered deal. JPMorgan this week positions offered to about 85% of the First Republic’s approximately 7,000 staff.
JPMorgan had 296,877 employees as at March 31, 8% higher than a 12 months earlier.
The bank declined to comment on its personnel decisions.