JPMorgan Chase cut about 500 tech and ops jobs
JPMorgan Chase & Co. slashes 500 jobs, mostly in technology and operations groups
JPMorgan Chase & Co. has cut about 500 positions this week, mostly among technology and operations groups, according to sources familiar with the matter. The cuts were spread across JPMorgan’s retail and commercial banking, asset and wealth management, and corporate and investment bank divisions. The bank declined to comment about its personnel decisions.
Many financial firms, including JPMorgan, periodically reduce staff during the year while simultaneously hiring for other roles. One of the sources revealed that the bank currently has about 13,000 open positions.
Under CEO Jamie Dimon, JPMorgan has been on a growth trajectory, most recently through its acquisition of failed regional bank First Republic in a government-brokered deal. Just this week, JPMorgan offered positions to about 85% of First Republic’s roughly 7,000 workers. As of March 31, JPMorgan had 296,877 employees, 8% higher than a year earlier.
FAQs
What kind of jobs were cut at JPMorgan Chase & Co.?
Most of the jobs cut were from the technology and operations groups of JPMorgan’s retail and commercial banking, asset and wealth management, and corporate and investment bank divisions.
How many open positions does JPMorgan have currently?
JPMorgan currently has about 13,000 open positions.
What is JPMorgan’s current number of employees?
As of March 31, JPMorgan had 296,877 employees, 8% higher than a year earlier.
Has JPMorgan been growing under CEO Jamie Dimon?
Yes, JPMorgan has been in growth mode under CEO Jamie Dimon, most recently through its acquisition of failed regional bank First Republic in a government-brokered deal.
JPMorgan Chase slashes approximately 500 jobs in technology and operations.
JPMorgan Chase & Co. has reportedly made cuts to its workforce, with about 500 positions eliminated during the past week. Sources familiar with the move indicate that the cuts mostly impacted technology and operations groups. The reductions affected multiple departments, including retail and commercial banking, asset and wealth management, and the corporate and investment bank. However, the bank has not yet provided any official comment on this decision.
Like many other financial firms, JPMorgan routinely trims its workforce throughout the year, while simultaneously hiring thousands of new employees to fill other roles. One of the anonymous sources suggests that the bank has approximately 13,000 open positions at present.
Under the leadership of CEO Jamie Dimon, JPMorgan has generally been in a growth mode in recent years, and has made multiple business acquisitions. As we reported earlier this month, JPMorgan recently moved to acquire the failed regional bank First Republic in a government-brokered deal. This week, JPMorgan has reportedly offered positions to about 85% of the roughly 7,000 workers impacted by First Republic’s failure.
As of March 31, JPMorgan had approximately 296,877 employees, an increase of 8% from the same time last year.