June 5, 2023

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JPMorgan Chase has cut about 500 technology and operations jobs

  • JPMorgan Chase cut about 500 jobs this week, mostly among technology and operations groups, according to people familiar with the move.
  • The cuts have spread across key divisions of the New York-based company, the people, who asked not to be identified speaking about personnel matters, said.
  • The firings come even as JPMorgan seeks to fill about 13,000 vacancies, one person said.

JPMorgan Chase & Co.’s corporate headquarters in New York, US, on Wednesday, January 18, 2023.

Gabe Jones | bloomberg | Getty Images

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

The people, who asked not to be identified speaking on personnel matters, said the cuts were spread across the New York-based company’s main divisions of retail banking, commercial services, asset and wealth management and its corporate and investment bank.

Like many financial firms, JPMorgan splits staff periodically during the year, even as it hires thousands of other workers to fill roles. One person said that the bank has about 13,000 open positions.

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

JPMorgan had 296,877 employees As of March 31, it’s 8% higher than a year earlier.

The bank declined to comment on its personnel decisions.