Global Courant 2023-05-27 00:32:36
The headquarters of JPMorgan Chase & Co. in New York, USA, on Wednesday, January 18, 2023.
Gabby Jones | Bloomberg | Getty Images
JPMorgan Chase cut about 500 positions this week, mostly in technology and operations groups, according to people with knowledge of the move.
The cuts were spread across the New York-based company’s key departments: retail and commercial banking, wealth and wealth management, and corporate and investment banking, the people said, who did not want to be identified over human resources.
Like many financial firms, JPMorgan cuts staff periodically throughout the year, even as it hires thousands of workers to fill positions. 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 acquiring failed regional bank First Republic in a government-brokered deal. This week JPMorgan positions offered to about 85% of First Republic’s approximately 7,000 workers.
JPMorgan had 296,877 staff as at 31 March 8% higher than one year previously.
The bank declined to comment on its staffing decisions.
