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JPMorgan Chase cut about 500 tech and ops jobs

JPMorgan Chase & Co. headquarters in New York, US, on Wednesday, Jan. 18, 2023.

Gabby Jones | Bloomberg | Getty Photographs

JPMorgan Chase lower about 500 positions this week, largely amongst expertise and operations teams, in accordance with folks with information of the transfer.

The cuts had been unfold throughout the New York-based agency’s primary divisions of retail and business banking, asset and wealth administration and its company and funding financial institution, mentioned the folks, who declined to be recognized talking about personnel issues.

Like many monetary companies, JPMorgan periodically trims employees through the yr, even because it hires 1000’s extra staff to fill roles. The financial institution has about 13,000 open positions, mentioned one of many folks.

Below CEO Jamie Dimon, JPMorgan has been in progress mode as of late, most lately by acquiring failed regional financial institution First Republic in a government-brokered deal. This week, JPMorgan offered positions to about 85% of First Republic’s roughly 7,000 staff.

JPMorgan had 296,877 employees as of March 31, 8% larger than a yr earlier.

The financial institution declined to remark about its personnel choices.

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