JPMorgan Chase Job Cuts: 500 Positions, including Technology and Operations Roles, Slashed
Layoffs
May 27, 2023
May 26, 2023
JPMorgan Chase, one of the leading financial institutions based in New York, has recently made an announcement regarding employee layoffs. Sources familiar with the matter revealed that the company has cut approximately 500 positions, primarily targeting technology and operations groups. While the layoffs were distributed across JPMorgan's main divisions, including retail and commercial banking, asset and wealth management, and corporate and investment banking, the identities of these individuals have been kept confidential due to the sensitive nature of personnel matters.
Similar to other financial firms, JPMorgan engages in periodic staff reductions throughout the year, even as it continues to hire thousands of new employees to fill various roles. Surprisingly, despite the recent layoffs, the bank still has around 13,000 open positions, according to insiders.
Under the leadership of CEO Jamie Dimon, JPMorgan Chase has been on a trajectory of expansion. The bank has recently been in the spotlight for acquiring First Republic, a failed regional bank, in a government-brokered deal. Impressively, JPMorgan extended employment offers to approximately 85% of First Republic's workforce, comprising around 7,000 employees.
As of March 31, JPMorgan Chase employed a staggering 296,877 individuals, marking an 8% increase compared to the previous year. The steady growth in employee numbers reflects the bank's ambitious plans for the future and its intention to stay ahead of the competition.
Despite the substantial layoffs, JPMorgan Chase has chosen not to comment on its personnel decisions.
Members of LevelFields received the alert of this event on May 26, 4:10 PM ET
Join LevelFields now to be the first to know about events that affect stock prices and uncover unique investment opportunities. Choose from events, view price reactions, and set event alerts with our AI-powered platform. Don't miss out on daily opportunities from 6,300 companies monitored 24/7. Act on facts, not opinions, and let LevelFields help you become a better trader.
Join LevelFields now to be the first to know about events that affect stock prices and uncover unique investment opportunities. Choose from events, view price reactions, and set event alerts with our AI-powered platform. Don't miss out on daily opportunities from 6,300 companies monitored 24/7. Act on facts, not opinions, and let LevelFields help you become a better trader.