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JPMorgan Chase cut about 500 tech and ops jobs

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

Gabby Jones | Bloomberg | Getty Images

JPMorgan Chase cut about 500 positions this week, mostly amongst technology and operations groups, based on individuals with knowledge of the move.

The cuts were spread across the Recent York-based firm’s principal divisions of retail and business banking, asset and wealth management and its corporate and investment bank, said the people, who declined to be identified speaking about personnel matters.

Like many financial firms, JPMorgan periodically trims staff in the course of the 12 months, at the same time as it hires hundreds more staff to fill roles. The bank has about 13,000 open positions, said considered one of the people.

Under CEO Jamie Dimon, JPMorgan has been in growth mode as of late, most recently by acquiring failed regional bank 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% higher than a 12 months earlier.

The bank declined to comment about its personnel decisions.

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