Could 26 (Reuters) – JPMorgan Chase & Co (JPM.N) is reducing about 500 workers this week throughout its varied departments, in accordance with an individual conversant in the scenario who requested to not be recognized discussing personnel issues.
The layoffs will have an effect on workers throughout the financial institution’s most important companies — client, industrial banking, asset and wealth administration — in addition to know-how and operations, the supply stated. JPMorgan is the most important U.S. lender.
There are greater than 13,000 present job openings on the financial institution, the supply added.
JPMorgan declined to remark.
On Thursday, a JPMorgan supply stated the lender was shedding practically 1,000 First Republic Financial institution workers after buying the failed financial institution earlier this month.
First Republic turned the most important U.S. lender to fail since 2008 after it was seized by regulators and bought to JPMorgan in early Could.
JPMorgan’s workforce stood at 296,877 on the finish of the primary quarter, up 8% from a yr earlier, in accordance with a submitting.
CNBC was the primary to report on the job cuts.
Reporting by Nupur Anand in New York and Niket Nishant in Bengaluru; Enhancing by Devika Syamnath and David Gregorio
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