JPMorgan Chase is planning to fire close to 500 employees across the bank this week, CNN Business reported quoting a company spokesperson. The news of the latest 500 job cuts comes just a day after JPMorgan informed 1,000 First Republic Bank employees that they will no longer have jobs.
The layoffs will be company-wide but will majorly focus on technology and operations verticals, the report said quoting JPMorgan.
The JPMorgan spokesperson further added the company regularly reviews its business and customer needs and continues to hire in other areas.
The bank has over 13,000 total job openings and employs nearly 300,000 people. JPMorgan is a global leader in investment banking, commercial banking, financial transaction processing and asset management.
JPMorgan acquired First Republic Bank earlier this month after the San Francisco-based regional bank was seized by the US government.
US-based First Republic Bank was closed on May 1 by the local regulators and entered into an agreement with JPMorgan Chase Bank to purchase and assume all deposits and assets of the troubled bank in a bid to protect depositors.
With inputs from Agencies.
