Layoffs Mayhem Continues! JPMorgan Chase Lays Off 500 Employees in Fresh Round of Job Cuts, Say Reports
Speaking about layoffs, a spokesperson of JPMorgan Chase told CNN that the company regularly reviews its business and customer needs and continues to hire in other areas.
New Delhi, May 27: In a fresh round of layoffs, JPMorgan Chase investment bank slashed 500 job positions this week. The layoffs were announced mostly among technology and operations groups, according to a report by CNBC. The report further said that the job cuts impacted employees in JPMorgan Chase's main divisions of retail and commercial banking, asset and wealth management and its corporate and investment bank.
Speaking about layoffs, a spokesperson of JPMorgan Chase told CNN that the company regularly reviews its business and customer needs and continues to hire in other areas. Currently, there are more than 13,000 total job openings in JPMorgan Chase. As of March 2023, the bank had 296,877 employees, 8 per cent higher than a year earlier. 'Lead by Example': JPMorgan Ends Work From Home for Managing Directors, Asks Them To Be Present in Office Five Days in a Week.
The news of JPMorgan Chase cutting 500 jobs came just a day after it laid off roughly 1,000 employees of First Republic Bank, 15 per cent of their total workforce. Nearly 7,200 employees of First Republic Bank were offered jobs by JPMorgan. Here it may be noted that First Republic slashed roughly 25 per cent of its workforce before JPMorgan acquired it. Based in San Francisco, First Republic Bank was the second-largest bank failure in US history.
First Republic Bank employees let go by JPMorgan will get an additional 60 days of pay and benefits, according to the bank. Additional payments to those being let go will be based on how long they worked at First Republic.
Three banks - Signature Bank, Silicon Valley Bank and First Republic Bank - recently collapsed and threatened to undermine faith in the US banking system. The banks collapsed as their customers held uninsured deposits and due to the exposure to the tech industry.
(The above story first appeared on LatestLY on May 27, 2023 08:18 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).