This week, JPMorgan Chase plans to layoff around 500 workers across the bank, according to a corporate representative, as reported by CNN Business.
According to the article, which cited JPMorgan, the layoffs will occur throughout the whole corporation but will mostly target the verticals of operations and technology. As per the JPMorgan representative, the company continues to hire while reviewing its business and client needs on a regular basis.
The bank employs close to 300,000 employees and has about 13,000 unfilled positions. In the fields of commercial banking, investment banking, processing financial transactions, and asset management, JPMorgan is a world leader.
Just one day after JPMorgan told roughly 1,000 First Republic Bank workers that their positions would be eliminated, the news of the most recent 500 job cutbacks broke. After the US government seized the regional bank with headquarters in San Francisco, JPMorgan bought First Republic Bank earlier this month.
First Republic Bank, a US-based institution, was shut down by local regulators on May 1 and, in an effort to safeguard depositors, entered into a deal with JPMorgan Chase Bank to buy and assume all of the ailing bank’s deposits and assets.