JPMorgan Chase cut about 500 tech and operations jobs

by The Insights

Headquarters of JPMorgan Chase & Co. in New York, United States, on Wednesday, January 18, 2023.

Gaby Jones | Bloomberg | Getty Images

JPMorgan Chase cut about 500 positions this week, mostly among technology and operations groups, according to people familiar with the move.

The cuts were split between the main divisions of retail and commercial banking, asset and wealth management and its New York-based company’s corporate and investment banking, said the people, who have refused to be identified speaking of personnel matters.

Like many financial companies, JPMorgan periodically cuts staff throughout the year, even as it hires thousands more workers to fill positions. The bank has about 13,000 open positions, one of the people said.

Under CEO Jamie Dimon, JPMorgan has been in growth mode of late, most recently acquiring bankrupt regional bank First Republic in a government-brokered deal. This week, JPMorgan offered positions to about 85% of the approximately 7,000 workers in the First Republic.

JPMorgan had 296,877 employees as of March 31, up 8% from a year earlier.

The bank declined to comment on its personnel decisions.

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