JPMorgan Chase Cuts 500 Technology and Operations Roles

JPMorgan Chase has reportedly cut 500 positions, most being technology and operations roles.

The cuts were made this week and across the bank’s divisions, CNBC reported Friday (May 26), citing unnamed sources.

At the same time, JPMorgan Chase is looking to fill 13,000 open positions, according to the report.

The CNBC report characterized this week’s job cuts at the bank as a periodic staff trimming.

JPMorgan Chase did not immediately reply to PYMNTS’ request for comment.

This news comes a day after it was reported that JPMorgan Chase notified the employees of First Republic Bank of their employment status.

JPMorgan Chase acquired First Republic on May 1 after that bank had struggled for weeks with deposit outflows and was taken over by the Federal Deposit Insurance Corp. (FDIC).

About 15% of First Republic’s workforce — about 1,000 employees — were notified that they wouldn’t be offered jobs, while the other 85% were told they would be offered either full-time roles or transitional ones that would last for three to 12 months, Bloomberg reported Thursday (May 25).

It was reported in January that banks were set to undertake the largest wave of job cuts in 15 years — with the layoffs expected to be in the tens of thousands — amid declining revenues.

The anticipated job cuts would follow a period of two or three years in which banks had over-hired and had been reluctant to let workers go during the pandemic, the Financial Times (FT) reported Jan. 21.

During the last months of 2022, Goldman Sachs, Morgan Stanley, Credit Suisse and other financial institutions slashed a combined total of more than 15,000 jobs, according to the report.

Layoffs are happening across the economy as well.

The Labor Department release figures May 2 showing that U.S. layoffs reached their highest level in more than two years in March.

Job losses increased to a seasonally adjusted 1.8 million in March, up from 1.6 million in February, driven by layoffs in the construction, professional services, leisure and hospitality, and health and education sectors, according to the March Job Openings and Labor Turnover Summary released May 2.