JPMorgan Chase has eliminated about 500 engineering and operations jobs

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

Gabby Jones | Bloomberg | Getty Images

JPMorgan Chase The company shed about 500 jobs this week, mostly in its technology and operations groups, according to people familiar with the move.

The cuts affected the New York-based company’s main divisions, retail and commercial banking, asset and wealth management, and corporate and investment banking, said the people, who asked not to be named when speaking about staffing matters.

Like many financial firms, JPMorgan regularly downsizes throughout the year, but hires thousands more to fill the vacancies. The bank has about 13,000 vacancies, one of the people said.

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

JPMorgan had 296,877 Employees as of March 31, 8% higher than a year earlier.

The bank declined to comment on its personnel decisions. JPMorgan Chase has eliminated about 500 engineering and operations jobs

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