JPMorgan cutting about 500 jobs this week -source
Reuters
Published May 26, 2023 02:29PM ET
Updated May 26, 2023 08:21PM ET
(Reuters) -JPMorgan Chase & Co is cutting about 500 employees this week across its various departments, according to a person familiar with the situation who asked not to be identified discussing personnel matters.
The layoffs will affect employees across the bank's main businesses -- consumer, commercial banking, asset and wealth management -- as well as technology and operations, the source said. JPMorgan (NYSE:JPM) is the largest U.S. lender.
There are more than 13,000 current job openings at the bank, the source added.
JPMorgan declined to comment.
On Thursday, a JPMorgan source said the lender was laying off nearly 1,000 First Republic Bank (OTC:FRCB) employees after acquiring the failed bank earlier this month.
First Republic became the largest U.S. lender to fail since 2008 after it was seized by regulators and sold to JPMorgan in early May.
JPMorgan's workforce stood at 296,877 at the end of the first quarter, up 8% from a year earlier, according to a filing.
CNBC was the first to report on the job cuts.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.